0001628280-24-007397 | 10-K | XBRL Viewer

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Goodwill - Gross and net carrying amounts of goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Gross	$ 704,600	$ 709,100
Accumulated Impairment Loss	(450,500)	(455,100)
Net	254,062	253,956	$ 251,600	$ 251,600
Franchised \| Applebee's
Goodwill [Line Items]
Gross	686,700	686,700
Accumulated Impairment Loss	(450,500)	(450,500)
Net	236,200	236,200	236,200	236,200
Franchised \| IHOP
Goodwill [Line Items]
Gross	10,800	10,800
Accumulated Impairment Loss	0	0
Net	10,800	10,800	10,800	10,800
Franchised \| Fuzzy's
Goodwill [Line Items]
Gross	7,100	7,000
Accumulated Impairment Loss	0	0
Net	7,100	7,000	0	0
Entity Operated Units \| Applebee's
Goodwill [Line Items]
Gross	0	4,600
Accumulated Impairment Loss	0	(4,600)
Net	$ 0	$ 0	$ 4,600	$ 4,600

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income	$ 97,176	$ 81,111	$ 97,864

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Current Expected Credit Losses ("CECL")

12 Months Ended

Dec. 31, 2023

Credit Loss [Abstract]

Current Expected Credit Losses ("CECL")

Current Expected Credit Losses (“CECL”)

The CECL reserve methodology requires companies to measure expected credit losses on financial instruments based on the total estimated amount to be collected over the lifetime of the instrument. Under the CECL model, reserves may be established against financial asset balances even if the risk of loss is remote or has not yet manifested itself.

In applying the CECL methodology, the Company developed its estimated loss reserves in the following manner. The Company continued to record specific reserves against account balances of franchisees deemed “at-risk” when a potential loss is likely or imminent as a result of prolonged payment delinquency (greater than 90 days past due) and where notable credit deterioration has become evident. For financial assets that are not currently deemed “at-risk,” an allowance is recorded based on expected loss rates derived pursuant to the following CECL methodology that assesses four components - historical losses, current conditions, reasonable and supportable forecasts, and reversion to history, if applicable.

Historical Losses

Historical loss rates over a five-year span were calculated for financial assets with common risk characteristics. The Company determined historical loss rate data for each franchise brand concept was more relevant than a single blended rate. Historical losses were determined based on the average charge-off method. Historical loss rates are further adjusted by factors related to current conditions and forecasts of future economic conditions.

Current Conditions

The Company identified three metrics that it believes provide the most relevant reflection of the current risks inherent in the Company’s franchisee-based restaurant business, as follows: (1) delinquency status, (2) system-wide same-restaurant sales, and (3) restaurant unit-level economics.

Reasonable and Supportable Forecasts

The third component in the CECL methodology involves consideration of macroeconomic conditions that can impact the estimate of expected credit losses in the future. The Company has not developed an internal methodology in this regard; rather, the Company utilizes existing, publicly accessible sources of economic data, primarily forecasts of overall unemployment rate as well as consumer spending based on the personal consumption expenditure index.

Reversion to History

The Company has determined that reversion to history was not required since the remaining average lives of the Company’s financial assets are not exceedingly lengthy.

The Company considers its portfolio segments to be the following:

Accounts Receivable (Franchise-Related)

Most of the Company’s short-term receivables due from franchisees are derived from royalty, advertising and other franchise-related fees.

Gift Card Receivables

Gift card receivables consist primarily of amounts due from third-party vendors. Receivables related to gift card sales are subject to seasonality and usually peak around year end as a result of the December holiday season.

Notes Receivable

Notes receivable balances primarily relate to the conversion of certain Applebee's franchisee accounts receivable to notes receivable, cash loans to franchisees for working capital purposes, a note receivable in connection with the sale of IHOP company restaurants in June 2017, and IHOP franchise fee and other notes. The notes are typically collateralized by the franchise. The notes generally have a term from one to eight years and bear interest averaging 5.0% and 5.3% per annum at December 31, 2023 and 2022, respectively. Due to the risk inherent in Applebee's notes that were converted from previously delinquent franchisee accounts receivable balances, a significant portion of these notes have specific reserves recorded against them totaling $6.5 million as of December 31, 2023.

Equipment Leases Receivable

Equipment leases receivable primarily relate to IHOP franchise development activity prior to 2003. IHOP provided the financing for the leasing of the equipment. Equipment lease contracts are collateralized by the equipment in the restaurant. Equipment lease contracts are due in equal weekly installments, and bear interest averaging 9.6% and 9.8% per annum at December 31, 2023 and 2022, respectively. The term of an equipment lease contract typically coincides with the term of the corresponding restaurant building lease. The weighted average remaining life of the Company’s equipment leases is 3.2 years as of December 31, 2023. The estimated fair value of the equipment collateralizing these lease contracts are not deemed to be significant given the very seasoned and mature nature of this portfolio.

Real Estate Leases Receivable

Real estate lease receivable also primarily relate to IHOP franchise development activity prior to 2003 when IHOP typically leased or purchased the restaurant site, built and equipped the restaurant, and then franchised the restaurant to a franchisee. IHOP provided the financing for leasing or subleasing the site. Real estate lease receivables at December 31, 2023, were comprised of 26 leases with a weighted average remaining life of 11.0 years, and relate to locations that IHOP is leasing from third parties and subleasing to franchisees. Where applicable, building leases and equipment contracts contain cross-default provisions wherein a default under one constitutes a default under all.

Distributor Receivables

Receivables due from distributors are related to the sale of proprietary products to franchisees through the Company’s network of suppliers and distributors and are included as part of Other receivables.

Total receivables balances at December 31, 2023 and 2022 were as follows:


Receivables	2023		2022
	(In millions)
Accounts receivable	$	68.0	$	67.5
Gift card receivables	33.7		34.6

Notes receivable	14.9		17.2
Financing receivables:
Equipment leases receivable	19.7		26.6
Real estate leases receivable	18.4		18.5

Other receivables	18.3		5.6
	173.0		170.0
Less: allowance for doubtful accounts and notes receivable	(9.5)		(10.3)
	163.5		159.7
Less: current portion	(127.9)		(120.0)
Long-term receivables	$	35.6	$	39.7

Changes in the allowance for credit losses during the years ended December 31, 2023 and 2022 were as follows:



	Accounts Receivable		Notes receivable, short-term		Notes receivable, long-term		Lease Receivables		Equipment Receivables		Other (1)		Total
	(In millions)






Balance, December 31, 2021	$	1.0	$	3.8	$	6.6	$	0.2	$	0.1	$	0.2	$	11.9

Bad debt (credit) expense	(0.1)		1.4		(1.1)		0.0		(0.0)		0.0		0.3
Advertising provision adjustment	0.5		(0.8)		(0.2)		—		—		—		(0.5)
Write-offs	(0.3)		(0.9)		—		(0.0)		(0.0)		(0.3)		(1.5)
Recoveries	0.1		—		—		0.0		0.0		0.0		0.1
Balance, December 31, 2022	$	1.2	$	3.5	$	5.3	$	0.2	$	0.1	$	(0.1)	$	10.3
Bad debt (credit) expense	1.5		0.4		(0.2)		0.0		0.8		0.1		2.7
Advertising provision adjustment	1.0		(0.2)		—		—		—		—		0.8
Write-offs	(1.2)		(1.9)		(0.3)		(0.0)		(0.9)		—		(4.3)
Recoveries	0.0		—		—		0.0		0.0		0.0		0.0
Balance, December 31, 2023	$	2.5	$	1.8	$	4.8	$	0.2	$	0.2	$	0.0	$	9.5

_________________________________

(1) Primarily distributor receivables, gift card receivables and credit card receivables.

The Company's primary credit quality indicator for all portfolio segments is delinquency. Generally, the notes receivables, leases receivables, equipment receivables, and other receivables (primarily consists of credit card receivables) are not delinquent.

The year of origination of the Company's financing receivables at December 31, 2023 as follows:



	Notes receivable, short and long-term		Lease Receivables		Equipment Receivables		Total
	(In millions)
2023	$	5.5	$	3.6	$	1.0	$	10.1
2022	0.9		8.1		—		9.0
2021	8.3		2.3		—		10.6
2020	0.2		1.2		—		1.4
2019	—		0.7		—		0.7
Prior	0.0		2.5		18.7		21.2
Total	$	14.9	$	18.4	$	19.7	$	53.0

The Company does not place its financing receivables in non-accrual status.

Current Expected Credit Losses ("CECL") - Year of Origination of Financing Receivables (Details) $ in Millions	Dec. 31, 2023 USD ($)
Total
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 10.1
2022	9.0
2021	10.6
2020	1.4
2019	0.7
Prior	21.2
Total	53.0
Notes receivable, short and long-term
Financing Receivable, Credit Quality Indicator [Line Items]
2023	5.5
2022	0.9
2021	8.3
2020	0.2
2019	0.0
Prior	0.0
Total	14.9
Lease Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2023	3.6
2022	8.1
2021	2.3
2020	1.2
2019	0.7
Prior	2.5
Total	18.4
Equipment Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2023	1.0
2022	0.0
2021	0.0
2020	0.0
2019	0.0
Prior	18.7
Total	$ 19.7

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2023	Feb. 22, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-15283
Entity Registrant Name	Dine Brands Global, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-3038279
Entity Address, Address Line One	10 West Walnut Street
Entity Address, Address Line Two	5th Floor
Entity Address, City or Town	Pasadena
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91103
City Area Code	818
Local Phone Number	240-6055
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	DIN
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Smaller Company	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Document Financial Statement Error Correction	false
Entity Public Float			$ 0.9
Entity Common Stock, Shares Outstanding		15,252,945
Documents Incorporated by Reference	Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held on Tuesday, May 14, 2024 are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Except as expressly incorporated by reference, the registrant’s Proxy Statement shall not be deemed to be part of this report.
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Central Index Key	0000049754

Stock-Based Incentive Plans - Equity Classified Awards Stock Options (Details) - Stock Options - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	4.40%	1.70%	0.50%
Weighted average historical volatility	70.90%	70.10%	67.70%
Dividend yield	2.70%	2.60%	0.00%
Expected years until exercise	4 years 6 months	4 years 6 months	4 years 6 months
Weighted average fair value of options granted (in USD per share)	$ 37.35	$ 33.23	$ 40.25

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Stock-Based Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

The following table summarizes the Company's stock-based compensation expense included as a component of general and administrative expenses in the consolidated financial statements:


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Stock-based compensation expense
Equity classified awards expense	$	12.0	$	16.2	$	11.6
Liability classified awards expense	(1.4)		1.4		2.3
Total stock-based compensation expense	10.6		17.6		13.9

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following table summarizes the assumptions used in the Black-Scholes model for stock options granted in the years ended December 31, 2023, 2022 and 2021:


	2023			2022			2021
Risk free interest rate	4.4		%	1.7		%	0.5		%
Weighted average historical volatility	70.9		%	70.1		%	67.7		%
Dividend yield	2.7		%	2.6		%	—		%
Expected years until exercise	4.5			4.5			4.5

Weighted average fair value of options granted	$	37.35		$	33.23		$	40.25

Schedule of Share-based Compensation, Stock Options, Activity

Stock option activity for the years ended December 31, 2023, 2022 and 2021 is summarized as follows:


	Number of Shares Under Option	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2020	1,014,670	$	64.16
Granted	95,891	75.28
Exercised	(524,536)	48.79
Forfeited	(59,468)	88.39
Expired	(50,653)	98.61
Outstanding at December 31, 2021	475,904	76.65
Granted	75,795	70.08
Exercised	(3,505)	68.80
Forfeited	(6,171)	81.13
Expired	(2,448)	94.43
Outstanding at December 31, 2022	539,575	75.65
Granted	74,390	74.94
Exercised	(69,443)	54.90
Forfeited	(20,876)	79.11
Expired	(61,140)	82.47
Outstanding at December 31, 2023	462,506	$	77.59	5.8	$	—
Vested and Expected to Vest at December 31, 2023	451,644	$	77.67	5.8	$	—
Exercisable at December 31, 2023	319,802	$	79.52	4.6	$	—

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

Activity in equity classified awards of restricted stock and restricted stock units for the years ended December 31, 2023, 2022 and 2021 is as follows:


	Shares of Restricted Stock	Weighted Average Grant-Date Per Share Fair Value		Restricted Stock Units	Weighted Average Grant-Date Per Share Fair Value




Outstanding at December 31, 2020	254,331	$	76.50	355,570	$	28.01
Granted	141,264	83.24		68,998	63.04
Released	(60,407)	66.90		(318,976)	23.19
Forfeited	(58,577)	82.09		—	—
Outstanding at December 31, 2021	276,611	80.85		105,592	71.00
Granted	201,789	70.12		60,914	49.36
Released	(98,864)	86.36		(42,611)	66.63
Forfeited	(23,636)	75.89		—	—
Outstanding at December 31, 2022	355,900	73.57		123,895	62.11
Granted	211,820	73.12		21,731	74.01
Released	(165,533)	73.64		(47,857)	64.04
Forfeited	(63,565)	73.15		(39,294)	77.23
Outstanding at December 31, 2023	338,622	$	73.33	58,475	$	54.07

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

The Company has granted cash-settled restricted stock units to certain employees in the past. These instruments are recorded as liabilities at fair value as of the respective period end.


						Cash-Settled Restricted Stock Units




Outstanding at December 31, 2020						52,956
Granted						—
Released						(38,916)
Forfeited						(1,241)
Outstanding at December 31, 2021						12,799
Granted						67
Released						(12,866)
Forfeited						—
Outstanding at December 31, 2022						—

Current Expected Credit Losses ("CECL") - Changes in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 10,300	$ 11,900
Bad debt (credit) expense	2,659	261	$ (4,928)
Advertising provision adjustment	800	(500)
Write-offs	(4,300)	(1,500)
Recoveries	0	100
Ending balance	9,500	10,300	11,900
Accounts Receivable
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,200	1,000
Bad debt (credit) expense	1,500	(100)
Advertising provision adjustment	1,000	500
Write-offs	(1,200)	(300)
Recoveries	0	100
Ending balance	2,500	1,200	1,000
Notes receivable, short-term
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	3,500	3,800
Bad debt (credit) expense	400	1,400
Advertising provision adjustment	(200)	(800)
Write-offs	(1,900)	(900)
Recoveries	0	0
Ending balance	1,800	3,500	3,800
Notes receivable, long-term
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	5,300	6,600
Bad debt (credit) expense	(200)	(1,100)
Advertising provision adjustment	0	(200)
Write-offs	(300)	0
Recoveries	0	0
Ending balance	4,800	5,300	6,600
Lease Receivables
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	200	200
Bad debt (credit) expense	0	0
Advertising provision adjustment	0	0
Write-offs	(0)	(0)
Recoveries	0	0
Ending balance	200	200	200
Equipment Receivables
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	100	100
Bad debt (credit) expense	800	(0)
Advertising provision adjustment	0	0
Write-offs	(900)	(0)
Recoveries	0	0
Ending balance	200	100	100
Other
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	(100)	200
Bad debt (credit) expense	100	0
Advertising provision adjustment	0	0
Write-offs	0	(300)
Recoveries	0	0
Ending balance	$ 0	$ (100)	$ 200

Stockholders' Deficit - Schedule of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions																				12 Months Ended
	Feb. 26, 2024	Jan. 05, 2024	Nov. 30, 2023	Sep. 29, 2023	Sep. 07, 2023	Jul. 07, 2023	May 11, 2023	Mar. 31, 2023	Feb. 21, 2023	Jan. 06, 2023	Dec. 02, 2022	Sep. 30, 2022	Sep. 09, 2022	Jul. 08, 2022	May 12, 2022	Apr. 01, 2022	Feb. 17, 2022	Jan. 07, 2022	Dec. 20, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Dividends declared per common share (in dollars per share)			$ 0.51		$ 0.51		$ 0.51		$ 0.51		$ 0.51		$ 0.51		$ 0.51		$ 0.46		$ 0.40	$ 2.04	$ 1.99	$ 0.40
Dividends paid per common share (in dollars per share)				$ 0.51		$ 0.51		$ 0.51		$ 0.51		$ 0.51		$ 0.51		$ 0.46		$ 0.40		$ 2.04	$ 1.88	$ 0
Dividends paid				$ 7.8		$ 7.9		$ 8.0		$ 8.0		$ 8.1		$ 8.2		$ 7.8		$ 6.9		$ 31.7	$ 31.0	$ 0.0
Subsequent Event
Class of Stock [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.51
Dividends paid		$ 7.7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

Other Intangible Assets - Other Intangible Assets Roll Forward (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Indefinite-lived Intangible Assets [Roll Forward]
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]		Closure and impairment charges
Finite-Lived Intangible Assets [Roll Forward]
Beginning of period		$ 66,800
Impairment		0
Amortization expense		(10,923)	$ (10,559)	$ (10,679)
End of period		55,900	66,800
Intangible Assets, Net (Excluding Goodwill) [Roll Forward]
Total other intangible assets, beginning of period		597,028	539,400	549,700
Total intangible assets, impairment		(300)
Total intangible assets, amortization expense		(10,923)	(10,559)	(10,679)
Total Intangible assets, additions		200	72,800	400
Total intangible assets, disposition	$ (4,700)		(4,700)
Total other intangible assets, end of period		586,033	597,028	539,400
Tradenames
Indefinite-lived Intangible Assets [Roll Forward]
Beginning of period		525,200	468,000	468,000
Impairment		0
Additions		0	57,200	0
Disposition			0
End of period		525,200	525,200	468,000
Other
Indefinite-lived Intangible Assets [Roll Forward]
Beginning of period		5,000	4,200	3,800
Impairment		(300)
Additions		200	800	400
Disposition			0
End of period		4,900	5,000	4,200
Franchising Rights
Finite-Lived Intangible Assets [Roll Forward]
Beginning of period		63,800	59,000	69,000
Amortization expense		(10,800)	(10,000)	(10,000)
Additions		0	14,800	0
Disposition			0
End of period		53,000	63,800	59,000
Intangible Assets, Net (Excluding Goodwill) [Roll Forward]
Total intangible assets, amortization expense		(10,800)	(10,000)	(10,000)
Reacquired Franchise Rights
Finite-Lived Intangible Assets [Roll Forward]
Beginning of period		0	5,100	5,700
Amortization expense		0	(400)	(600)
Additions		0	0	0
Disposition			(4,700)
End of period		0	0	5,100
Intangible Assets, Net (Excluding Goodwill) [Roll Forward]
Total intangible assets, amortization expense		0	(400)	(600)
Favorable leaseholds
Finite-Lived Intangible Assets [Roll Forward]
Beginning of period		3,000	3,100	3,200
Amortization expense		(100)	(100)	(100)
Additions		0	0	0
Disposition			0
End of period		2,900	3,000	3,100
Intangible Assets, Net (Excluding Goodwill) [Roll Forward]
Total intangible assets, amortization expense		$ (100)	$ (100)	$ (100)

Closure and Long-lived Tangible Asset Impairment Charges (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring Charges [Abstract]

Schedule of Impairment and Closure Charges

Closure and long-lived tangible asset impairment charges for the years ended December 31, 2023, 2022 and 2021 were as follows:


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Closure charges	$	1.6	$	1.7	$	3.7
Long-lived tangible asset impairment	2.0		1.4		1.7
Total closure and impairment charges	$	3.6	$	3.1	$	5.4

Other Intangible Assets - Future Amortization (Details) $ in Millions	Dec. 31, 2023 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	$ 10.9
2025	10.9
2026	10.9
2027	10.0
2028	0.9
Franchising Rights
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	10.7
2025	10.7
2026	10.7
2027	9.8
2028	0.7
Favorable leaseholds
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	0.2
2025	0.2
2026	0.2
2027	0.2
2028	0.2
Other
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	0.0
2025	0.0
2026	0.0
2027	0.0
2028	$ 0.0

Goodwill

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The significant majority of the Company's goodwill arose from the November 29, 2007 acquisition of Applebee's. In October 2022, the disposition of assets of $4.6 million was related to the refranchising and sale of the restaurant assets of 69 Applebee's company-operated restaurants. In December 2022, the addition to goodwill of $7.0 million arose from the acquisition of Fuzzy's, which was determined to be a separate reporting unit. Changes in the carrying amount of goodwill for the years ended December 31, 2023, 2022 and 2021 are as follows:


	Applebee's Franchise Unit		Applebee's Company Unit		IHOP Franchise Unit		Fuzzy's Franchise Unit		Total
	(In millions)


Balance at December 31, 2020	$	236.2	$	4.6	$	10.8	$	—	$	251.6
Balance at December 31, 2021	236.2		4.6		10.8		—		251.6
Disposition of assets	—		(4.6)		—		—		(4.6)
Business acquisition	—		—		—		7.0		7.0
Balance at December 31, 2022	236.2		—		10.8		7.0		254.0
Purchase price adjustment	—		—		—		0.1		0.1
Balance at December 31, 2023	$	236.2	$	—	$	10.8	$	7.1	$	254.1

Gross and net carrying amounts of goodwill at December 31, 2023 and 2022 are as follows:


	December 31, 2023						December 31, 2022
	Gross		Accumulated Impairment Loss		Net		Gross		Accumulated Impairment Loss		Net
	(In millions)
Applebee's Franchise Unit	$	686.7	$	(450.5)	$	236.2	$	686.7	$	(450.5)	$	236.2
Applebee's Company Unit	—		—		—		4.6		(4.6)		—
IHOP Franchise Unit	10.8		—		10.8		10.8		—		10.8
Fuzzy's Franchise Unit	7.1		—		7.1		7.0		—		7.0
Total	$	704.6	$	(450.5)	$	254.1	$	709.1	$	(455.1)	$	254.0

The Company assesses goodwill for impairment in accordance with its policy described in Note 2 - Basis of Presentation and Summary of Significant Accounting Policies.

The Company evaluates its goodwill and the indefinite-lived tradenames for impairment annually in the fourth quarter of each year or on an interim basis if events or changes in circumstances between annual tests indicate a potential impairment. Definite-lived intangible assets and long-lived tangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable based on estimated undiscounted future cash flows.

2023 Assessment

In the fourth quarter of 2023, the Company performed qualitative assessments of its goodwill in accordance with its accounting policies, and determined that it was more-likely-than-not that an impairment does not exist. Significant factors considered in this assessment include macro-economic conditions, market and industry conditions, cost considerations, the competitive environment, share price fluctuations, overall financial performance and results of past impairment tests.

Additionally, we elected to perform quantitative tests for impairment on the Applebee's goodwill. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The fair value technique used in this instance is classified as Level 3, where unobservable inputs are used when little or no market data is available.

In performing the quantitative test for impairment of goodwill, the Company used the income approach method of valuation that includes the discounted cash flow method and the market approach that includes the guideline public company method to determine the fair value of goodwill and intangible assets. Significant assumptions made by management in estimating fair value under the discounted cash flow model include future trends in sales, operating expenses, overhead expenses, depreciation, capital expenditures and changes in working capital, along with an appropriate discount rate based on the Company's estimated cost of equity capital and after-tax cost of debt. Significant assumptions used to determine fair value under the guideline public company method include the selection of guideline companies and the valuation multiples applied.

As a result of performing the quantitative test of impairment, the fair value was substantially in excess of its respective carrying value as of the testing date.

2022 and 2021 Assessments

In the fourth quarters of 2022 and 2021, the Company performed qualitative assessments of its goodwill in accordance with its accounting policies. We first assess qualitatively whether it is more-likely-than-not that an impairment does not exist. Significant factors considered in this assessment include macro-economic conditions, market and industry conditions, cost considerations, the competitive environment, share price fluctuations, overall financial performance and results of past impairment tests. As result of the qualitative assessment, the Company concluded it was more likely than not that the fair values of each unit exceeded the respective carrying amounts and therefore, a quantitative test of impairment was not necessary.

Leases - Narrative (Details)	Dec. 31, 2023 restaurant lease
Lessee, Lease, Description [Line Items]
Lessor, number of leases requiring additional rent payments based on a percentage of restaurant sales \| lease	340,000
Lessee, number of leases requiring additional rent payments based on a percentage of restaurant sales \| lease	45,000
Finance lease, weighted average remaining lease term	5 years 8 months 12 days
Operating lease, weighted average remaining lease term	5 years 10 months 24 days
Finance lease, weighted average discount rate, percent	9.25%
Operating lease, weighted average discount rate, percent	5.66%
IHOP
Lessee, Lease, Description [Line Items]
Number of franchisee-operated restaurants	519
Number of properties leased	52
Lessee, operating lease, renewal term	5 years
IHOP \| Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	20 years
IHOP \| Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	25 years
Applebee's
Lessee, Lease, Description [Line Items]
Number of franchisee-operated restaurants	1
Number of properties leased	1
Applebee's \| Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	10 years
Lessee, operating lease, renewal term	5 years
Applebee's \| Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	20 years
Lessee, operating lease, renewal term	20 years
Fuzzy's
Lessee, Lease, Description [Line Items]
Number of company-operated restaurants	1

Financing Obligations

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Financing Obligations

On May 19, 2008, the Company entered into a Purchase and Sale Agreement relating to the sale and leaseback of 181 parcels of real property (the “Sale-Leaseback Transaction”), each of which is improved with a restaurant operating as an Applebee's Neighborhood Grill and Bar (the “Properties”). On June 13, 2008, the closing date of the Sale-Leaseback Transaction, the Company entered into a Master Land and Building Lease (“Master Lease”) for the Properties. The proceeds received from the transaction were $337.2 million. The Master Lease calls for an initial term of twenty years and four, five-year options to extend the term.

The Sale-Leaseback Transaction does not qualify as a sale under current U.S. GAAP. Accordingly, the Sale-Leaseback Transaction continues to be recorded under the financing method. The value of the land and leasehold improvements will remain on the Company's books and the leasehold improvements will continue to be depreciated over their remaining useful lives. The net proceeds received were recorded as a financing obligation. A portion of the lease payments is recorded as a decrease to the financing obligation and a portion is recognized as interest expense. In the event the lease obligation of any individual property or group of properties is assumed by a qualified franchisee, the portion of the transaction related to that property or group of properties is recorded as a sale in accordance with U.S. GAAP and the net book value of those properties will be removed from the Company's books, along with a ratable portion of the remaining financing obligation.

As of December 31, 2023, the portion of the original Sale-Leaseback Transaction related to 160 of the 181 Properties has qualified as a sale by assignment of the lease obligation to a qualified franchisee or a release from the lessor. In accordance with the accounting described above, the property and equipment and financing obligations have each been cumulatively reduced by approximately $286.9 million.

As of December 31, 2023, future minimum lease payments under financing obligations during the initial terms of the leases related to the sale-leaseback transactions are as follows:


Fiscal Years	(In millions)
2024	$	4.6
2025	4.6
2026	4.9
2027	4.6
2028	22.5
Thereafter	—
Total minimum lease payments	41.2
Less: interest	(12.8)
Total financing obligations	28.4
Less: current portion(1)	(1.4)
Long-term financing obligations	$	27.0

_________________________________

(1)Included in current maturities of finance lease and financing obligations on the consolidated balance sheets.

Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

The following table disaggregates our franchise revenues by major type for the years ended December 31, 2023, 2022 and 2021:


	Year ended December 31,
	2023		2022		2021
Franchise Revenues	(In thousands)
Royalties	$	325,643	$	303,724	$	292,372
Advertising fees	300,796		289,328		274,790
Proprietary product sales and other	71,058		60,749		51,250
Franchise and development fees	8,868		8,637		13,524
Total franchise revenues	$	706,365	$	662,438	$	631,936

Accounts and other receivables related to franchise revenues as of December 31, 2023 and 2022 were $68.7 million (net of allowance of $2.7 million) and $69 million (net of allowance of $1.3 million), respectively, and were included in receivables, net in the Consolidated Balance Sheets.

Changes in the Company's deferred franchise revenue during the year ended December 31, 2023 were as follows:


	Deferred Franchise Revenue (short- and long-term)
	(In thousands)
Balance at December 31, 2022	$	49,493
Recognized as revenue during the year ended December 31, 2023	(8,223)
Fees deferred during the year ended December 31, 2023	3,999

Balance at December 31, 2023	$	45,269

The balance of deferred franchise revenue as of December 31, 2023 is expected to be recognized as follows:


	(In thousands)
2024	$	6,611
2025	5,850
2026	5,018
2027	4,122
2028	3,151
Thereafter	20,517
Total	$	45,269

The current balance of deferred franchise revenue is included as Other accrued expenses on the Consolidated Balance Sheets.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The provision (benefit) for income taxes for the years ended December 31, 2023, 2022 and 2021 was as follows:


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Current
Federal	$	25.6	$	27.5	$	20.2
State	0.6		5.5		4.6
Foreign	2.2		1.8		1.4
	28.4		34.8		26.2
Deferred
Federal	(1.2)		(3.8)		(2.3)
State	(12.6)		2.7		0.2
	(13.8)		(1.1)		(2.1)
Provision for income taxes	$	14.5	$	33.7	$	24.1

The provision (benefit) for income taxes differs from the expected federal income tax rates as follows:


	Year Ended December 31,
	2023		2022		2021
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
Non-deductibility of goodwill	—		0.8		—
Non-deductibility of officer's compensation	1.1		2.9		2.2
State and other taxes, net of federal tax benefit	3.8		3.1		3.1
State income tax audit settlement	(13.5)		—		—
Excess tax deficiencies	(0.7)		(0.5)		(7.1)
Change in unrecognized tax benefits	1.1		—		(0.1)
Change in valuation allowance	0.7		(0.3)		0.5
Changes in tax rates and state tax laws	—		3.4		0.2
General business credits	(0.7)		(1.4)		(0.9)
Other	0.2		0.3		0.8
Effective tax rate	13.0	%	29.3	%	19.7	%

The fiscal year 2023 effective tax rate of 13.0% applied to pretax book income was different than the statutory Federal income tax rate of 21% primarily due to the conclusion of a state income tax settlement, resulting in a net income tax benefit of $15.1 million.

The fiscal year 2022 effective tax rate of 29.3% applied to pretax book income was different than the statutory Federal income tax rate of 21% due to the state and local income taxes and the non-deductibility of executive compensation. The effective tax rate further increased due to the increase in the effective state tax rate applied to revaluing deferred tax balances. The increase in the effective state tax rate was due to the non-recurring refranchising of 69 Applebee’s company-operated restaurants in the fourth quarter of 2022 and various state legislative changes.

The fiscal year 2021 effective tax rate of 19.7% applied to pretax book loss was different than the statutory Federal income tax rate of 21% primarily due to the one-time recognition of excess tax benefits on stock-based compensation, offset by non-deductibility of executive compensation and state and local income taxes.

The Company files federal income tax returns and the Company or one of its subsidiaries file income tax returns in various state and international jurisdictions. With few exceptions, the Company is no longer subject to federal tax examinations by tax authorities for years before 2020 and state or non-United States tax examinations by tax authorities for years before 2018. The Company believes that adequate reserves have been recorded relating to all matters contained in the tax periods open to examination.

Net deferred tax assets (liabilities) at December 31, 2023 and 2022 consisted of the following components:


	2023		2022
	(In millions)
Lease liabilities	$	93.2	$	93.6
Employee compensation	9.4		9.7

Revenue recognition	37.2		37.1
Tax attributes	14.9		5.3
Other	4.5		3.1
Deferred tax assets	159.2		148.8
Valuation allowance	(4.4)		(3.5)
Total deferred tax assets after valuation allowance	154.8		145.3
Recognition of franchise and equipment sales	(4.9)		(6.7)
Capitalization and depreciation(1)	(123.7)		(121.0)
Lease assets	(85.5)		(90.8)
Other	(1.5)		(1.5)
Deferred tax liabilities	(215.6)		(220.0)
Net deferred tax liabilities	$	(60.8)	$	(74.7)

______________________________

(1) Primarily related to the 2007 Applebee's acquisition.

As of each reporting date, the Company considers new evidence, both positive and negative, that could impact management’s view with regards to future realization of deferred tax assets. Management believes that the future realizability of benefits arising from foreign tax credit carryforwards and certain state net operating loss carryforwards does not meet the more-likely-than-not threshold. In recognition of this risk, there is a valuation allowance of $4.4 million as of December 31, 2023.

The Company had gross operating loss carryforwards for state tax purposes of $127.8 million and $37.9 million as of December 31, 2023 and 2022, respectively. Certain net operating loss carryforwards will expire in 2029 if not utilized. The Company had income tax credit carryforwards of $7.4 million and $3.4 million as of December 31, 2023 and 2022, respectively. Certain income tax credit carryforwards will begin to expire in 2029 if not utilized. The increase in gross operating loss carryforwards and income tax credit carryforwards compared to prior year is primarily due to the conclusion of a state income tax audit settlement.

The total gross unrecognized tax benefit as of December 31, 2023 and 2022 was $3.5 million and $2.1 million, respectively, excluding interest, penalties and related income tax benefits. If recognized, these amounts would affect the Company's effective income tax rates.

The Company estimates the unrecognized tax benefits may decrease over the upcoming 12 months by $0.4 million related to settlements with taxing authorities and statute of limitations expirations. For the remaining liability, due to the uncertainties related to these tax matters, the Company is unable to make a reasonable estimate as to when cash settlement with a taxing authority will occur. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Unrecognized tax benefit as of January 1	$	2.1	$	1.9	$	2.2
Changes for tax positions of prior years	—		0.1		0.5
Increases for tax positions related to the current year	1.9		0.4		0.3
Decreases relating to settlements and lapsing of statutes of limitations	(0.5)		(0.3)		(1.1)
Unrecognized tax benefit as of December 31	$	3.5	$	2.1	$	1.9

As of December 31, 2023, the accrued interest was $0.9 million and accrued penalties were less than $0.1 million, excluding any related income tax benefits. As of December 31, 2022, the accrued interest and penalties were $0.7 million and less than $0.1 million, respectively, excluding any related income tax benefits. The Company recognizes interest accrued related to unrecognized tax benefits and penalties as a component of the income tax provision recognized in the Consolidated Statements of Comprehensive Income.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Closure and Long-lived Tangible Asset Impairment Charges - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) restaurant	Dec. 31, 2022 USD ($) restaurant	Dec. 31, 2021 USD ($) restaurant	Dec. 31, 2020 restaurant
Restructuring Cost and Reserve [Line Items]
Closure charges	$ 1.6	$ 1.7	$ 3.7
Revision to existing closure reserves		1.3
Number of restaurants related to prior period closure charge revisions \| restaurant			40
Long-lived tangible asset impairment	$ 2.0	$ 1.4	$ 1.7
IHOP
Restructuring Cost and Reserve [Line Items]
Revision to existing closure reserves			1.6
Number of restaurants related to prior period closure charge revisions \| restaurant		40		28
Exit costs		$ 0.4	$ 2.1
Number of restaurants subject to closure charges \| restaurant		3	20
Number of restaurants subject to asset impairment \| restaurant	4	5	5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Revenue - Changes In Deferred Franchise Revenue (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Change in Contract with Customer, Liability [Roll Forward]
Balance at December 31, 2022	$ 49,493
Recognized as revenue during the year ended December 31, 2023	(8,223)
Fees deferred during the year ended December 31, 2023	3,999
Balance at December 31, 2023	$ 45,269

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Lease Cost

he Company's lease cost for the years ended December 31, 2023, 2022, and 2021 was as follows:


	Year Ended December 31,
	2023		2022		2021
Finance lease cost:	(In millions)
Amortization of right-of-use assets	$	2.5	$	3.6	$	4.6
Interest on lease liabilities	2.8		4.5		5.4
Operating lease cost	75.3		83.5		84.4
Variable lease cost	7.8		7.6		7.0
Short-term lease cost	0.0		0.0		0.1
Sublease income	(110.4)		(106.8)		(104.6)
Lease cost	$	(22.0)	$	(7.6)	$	(3.1)

Schedule of Operating Lease Liability Future Maturity

Future minimum lease payments under noncancellable leases as lessee as of December 31, 2023 were as follows:


	Finance Leases		Operating Leases
	(In millions)
2024	$	8.4	$	80.9
2025	7.2		71.5
2026	6.8		64.5
2027	5.7		45.9
2028	4.0		31.9
Thereafter	21.3		107.9
Total minimum lease payments	53.4		402.6
Less: interest/imputed interest	(13.1)		(70.0)
Total obligations	40.3		332.6
Less: current portion	(5.9)		(63.5)
Long-term lease obligations	$	34.4	$	269.1

Schedule of Finance Lease Liability Future Maturity

As of December 31, 2023, future minimum lease payments under financing obligations during the initial terms of the leases related to the sale-leaseback transactions are as follows:


Fiscal Years	(In millions)
2024	$	4.6
2025	4.6
2026	4.9
2027	4.6
2028	22.5
Thereafter	—
Total minimum lease payments	41.2
Less: interest	(12.8)
Total financing obligations	28.4
Less: current portion(1)	(1.4)
Long-term financing obligations	$	27.0

_________________________________

(1)Included in current maturities of finance lease and financing obligations on the consolidated balance sheets.

Future minimum lease payments under noncancellable leases as lessee as of December 31, 2023 were as follows:


	Finance Leases		Operating Leases
	(In millions)
2024	$	8.4	$	80.9
2025	7.2		71.5
2026	6.8		64.5
2027	5.7		45.9
2028	4.0		31.9
Thereafter	21.3		107.9
Total minimum lease payments	53.4		402.6
Less: interest/imputed interest	(13.1)		(70.0)
Total obligations	40.3		332.6
Less: current portion	(5.9)		(63.5)
Long-term lease obligations	$	34.4	$	269.1

Schedule of Lease Payments

During the years ended December 31, 2023, 2022 and 2021, the Company made the following cash payments for leases:


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Principal payments on finance lease obligations	$	6.4	$	8.9	$	10.2
Interest payments on finance lease obligations	$	2.8	$	4.5	$	5.4
Payments on operating leases	$	75.2	$	83.5	$	91.7
Variable lease payments	$	7.8	$	7.6	$	6.2

Schedule of Operating Lease Income

The Company's income from operating leases for the years ended December 31, 2023, 2022 and 2021 was as follows:


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Minimum lease payments	$	100.7	$	96.4	96.0
Variable lease income	17.5		16.9		15.3
Total operating lease income	$	118.2	$	113.3	$	111.3

Schedule of Future Minimum Payments as a Lessor Under Operating Leases

Future minimum payments to be received as lessor under noncancellable operating leases as of December 31, 2023 were as follows:



	(In millions)
2024	$	101.2
2025	88.3
2026	74.2
2027	56.5
2028	39.2
Thereafter	122.9
Total minimum rents receivable	$	482.3

Schedule of Direct Finance Lease Income

The Company's income from real estate leases receivable at December 31, 2023, 2022 and 2021 was as follows:


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Selling profit	$	0.2	$	0.9	$	—
Interest income	1.1		1.5		2.1
Variable lease income	0.4		0.7		0.5
Total financing lease income	$	1.7	$	3.1	$	2.6

Schedule of Future Minimum Payments as a Lessor Under Direct Financing Leases

Future minimum payments to be received as lessor under noncancellable real estate leases as of December 31, 2023 were as follows:



	(In millions)
2024	$	3.1
2025	2.2
2026	2.3
2027	2.2
2028	2.3
Thereafter	13.8
Total minimum rents receivable	25.9
Less: unearned income	(7.5)
Total real estate leases receivable	18.4
Less: current portion	(2.0)
Long-term real estate leases receivable	$	16.4

Goodwill - Changes In Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Dec. 31, 2022	Oct. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill, beginning balance			$ 253,956	$ 251,600
Disposition of assets				(4,600)
Business acquisition				7,000
Purchase price adjustment			100
Goodwill, ending balance	$ 253,956		254,062	253,956
Applebee's \| Franchised
Goodwill [Roll Forward]
Goodwill, beginning balance			236,200	236,200
Disposition of assets				0
Business acquisition				0
Purchase price adjustment			0
Goodwill, ending balance	236,200		236,200	236,200
Applebee's \| Entity Operated Units
Goodwill [Roll Forward]
Goodwill, beginning balance			0	4,600
Disposition of assets		$ (4,600)		(4,600)
Business acquisition				0
Purchase price adjustment			0
Goodwill, ending balance	0		0	0
IHOP \| Franchised
Goodwill [Roll Forward]
Goodwill, beginning balance			10,800	10,800
Disposition of assets				0
Business acquisition				0
Purchase price adjustment			0
Goodwill, ending balance	10,800		10,800	10,800
Fuzzy's \| Franchised
Goodwill [Roll Forward]
Goodwill, beginning balance			7,000	0
Disposition of assets				0
Business acquisition	7,000			7,000
Purchase price adjustment			100
Goodwill, ending balance	$ 7,000		$ 7,100	$ 7,000

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Rental revenues	$ 119,970	$ 116,491	$ 113,933
Total revenues	831,068	909,402	896,167
Cost of revenues:
Franchise expenses	344,403	321,908	295,887
Bad debt expense (credit)	2,659	261	(4,928)
Company restaurant expenses	2,136	121,722	136,748
Interest expense from finance leases	2,771	2,962	3,446
Other rental expenses	84,705	85,033	84,397
Total rental expenses	87,476	87,995	87,843
Financing expenses	369	419	464
Total cost of revenues	434,384	532,044	520,942
Gross profit	396,684	377,358	375,225
General and administrative expenses	198,057	190,746	171,838
Interest expense, net	70,047	60,952	63,297
Closure and impairment charges	3,594	3,062	5,409
Amortization of intangible assets	10,923	10,559	10,679
Loss (gain) on extinguishment of debt	10	(210)	34
Loss (gain) on disposition of assets	2,350	(2,536)	2,045
Income before income taxes	111,703	114,785	121,923
Income tax provision	(14,527)	(33,674)	(24,059)
Net income	97,176	81,111	97,864
Other comprehensive income net of tax:
Foreign currency translation adjustment	1	(6)	(4)
Total comprehensive income	97,177	81,105	97,860
Net income available to common stockholders:
Net income	97,176	81,111	97,864
Less: Net income allocated to unvested participating restricted stock	(2,317)	(2,174)	(2,295)
Net income available to common stockholders	$ 94,859	$ 78,937	$ 95,569
Net income available to common stockholders per share:
Basic (in dollars per share)	$ 6.23	$ 4.97	$ 5.69
Diluted (in dollars per share)	$ 6.22	$ 4.96	$ 5.66
Weighted average shares outstanding:
Basic (in shares)	15,233	15,873	16,799
Diluted (in shares)	15,242	15,901	16,890
Franchise Revenues
Revenues:
Revenue from contract with customer	$ 706,365	$ 662,438	$ 631,936
Royalties, franchise fees and other
Revenues:
Revenue from contract with customer	405,569	373,110	357,146
Advertising revenues
Revenues:
Revenue from contract with customer	300,796	289,328	274,790
Company restaurants
Revenues:
Revenue from contract with customer	2,128	126,869	146,000
Financing revenues
Revenues:
Revenue from contract with customer	2,605	3,604	4,298
Advertising fees
Revenues:
Revenue from contract with customer	300,796	289,328	274,790
Cost of revenues:
Franchise expenses	300,962	287,063	272,303
Other franchise expenses
Cost of revenues:
Franchise expenses	$ 40,782	$ 34,584	$ 28,512

Income Taxes - Provision (benefit) for income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
Federal	$ 25,600	$ 27,500	$ 20,200
State	600	5,500	4,600
Foreign	2,200	1,800	1,400
Current income tax expense	28,400	34,800	26,200
Deferred
Federal	(1,200)	(3,800)	(2,300)
State	(12,600)	2,700	200
Deferred income tax expense (benefit)	(13,822)	(1,071)	(2,065)
Provision for income taxes	$ 14,527	$ 33,674	$ 24,059

Subsequent Events (Details) - $ / shares											12 Months Ended
Subsequent Events (Details) - $ / shares	Feb. 26, 2024	Nov. 30, 2023	Sep. 07, 2023	May 11, 2023	Feb. 21, 2023	Dec. 02, 2022	Sep. 09, 2022	May 12, 2022	Feb. 17, 2022	Dec. 20, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)		$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 0.46	$ 0.40	$ 2.04	$ 1.99	$ 0.40
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.51

Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table disaggregates our franchise revenues by major type for the years ended December 31, 2023, 2022 and 2021:


	Year ended December 31,
	2023		2022		2021
Franchise Revenues	(In thousands)
Royalties	$	325,643	$	303,724	$	292,372
Advertising fees	300,796		289,328		274,790
Proprietary product sales and other	71,058		60,749		51,250
Franchise and development fees	8,868		8,637		13,524
Total franchise revenues	$	706,365	$	662,438	$	631,936

Schedule of Changes in Deferred Revenue

Changes in the Company's deferred franchise revenue during the year ended December 31, 2023 were as follows:


	Deferred Franchise Revenue (short- and long-term)
	(In thousands)
Balance at December 31, 2022	$	49,493
Recognized as revenue during the year ended December 31, 2023	(8,223)
Fees deferred during the year ended December 31, 2023	3,999

Balance at December 31, 2023	$	45,269

Schedule of Remaining Performance Obligations

The balance of deferred franchise revenue as of December 31, 2023 is expected to be recognized as follows:


	(In thousands)
2024	$	6,611
2025	5,850
2026	5,018
2027	4,122
2028	3,151
Thereafter	20,517
Total	$	45,269

Income Taxes - Reconciliation of unrecognized tax benefit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefit as of January 1	$ 2.1	$ 1.9	$ 2.2
Changes for tax positions of prior years	0.0	0.1	0.5
Increases for tax positions related to the current year	1.9	0.4	0.3
Decreases relating to settlements and lapsing of statutes of limitations	(0.5)	(0.3)	(1.1)
Unrecognized tax benefit as of December 31	$ 3.5	$ 2.1	$ 1.9

Stockholders' Deficit (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Repurchase Agreements

A summary of shares repurchased under the 2022 Repurchase Program and the 2019 Repurchase Program, during the years ended December 31, 2023, 2022 and 2021, and cumulatively for each program, is as follows:


	Shares	Cost of shares
		(In millions)
2022 Repurchase Program
Repurchased during the year ended December 31, 2023	446,189	$	26.1
Repurchased during the year ended December 31, 2022	1,149,589	$	78.7
Cumulative (life-of-program) repurchases	1,595,778	$	104.8
Remaining dollar value of shares that may be repurchased	n/a	$	145.2

2019 Repurchase Program
Repurchased during the year ended December 31, 2022	588,108	$	41.4
Repurchased during the year ended December 31, 2021	59,099	$	4.5
Repurchased during the year ended December 31, 2020	459,899	$	26.5

Cumulative (life-of-program) repurchases	2,344,804	$	175.8
Remaining dollar value of shares that may be repurchased (1)	n/a	n/a

(1) In connection with the 2022 Repurchase Program, the 2019 Repurchase Program terminated effective April 1, 2022.

Dividends Declared

During the fiscal years ended December 31, 2023, 2022 and 2021, the Company declared and paid dividends on common stock as follows:


Year ended December 31, 2023	Declaration Date	Payment Date	Dividends declared per share		Dividends paid per share		Total dividends paid(1)
							(In millions)
Payment of prior year declaration	(3)	January 6, 2023	$	—	$	0.51	$	8.0
First quarter	February 21, 2023	March 31, 2023	0.51		0.51		8.0
Second quarter	May 11, 2023	July 7, 2023	0.51		0.51		7.9
Third quarter	September 7, 2023	September 29, 2023	0.51		0.51		7.8
Fourth quarter	November 30, 2023	(2)	0.51		—		—
Total			$	2.04	$	2.04	$	31.7


Year ended December 31, 2022	Declaration Date	Payment Date	Dividends declared per share		Dividends paid per share		Total dividends paid(1)
Payment of prior year declaration	(4)	January 7, 2022	$	—	$	0.40	$	6.9
First quarter	February 17, 2022	April 1, 2022	0.46		0.46		7.8
Second quarter	May 12, 2022	July 8, 2022	0.51		0.51		8.2
Third quarter	September 9, 2022	September 30, 2022	0.51		0.51		8.1
Fourth quarter	December 2, 2022	(3)	0.51		$	—	$	—
Total			$	1.99	$	1.88	$	31.0


Year ended December 31, 2021	Declaration Date	Payment Date	Dividends declared per share		Dividends paid per share		Total dividends paid(1)




Fourth quarter	December 20, 2021	(4)	$	0.40	$	—	$	—
Total			$	0.40	$	—	$	—

(1) Includes dividend equivalents paid on restricted stock units.

(2) The fourth quarter 2023 dividend of $7.7 million was paid on January 5, 2024.

(3) The fourth quarter 2022 dividend of $8.0 million was paid on January 6, 2023.

(4) The fourth quarter 2021 dividend of $6.9 million was paid on January 7, 2022.

Stock-Based Incentive Plans - Disclosure of Restricted Stock Units (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock
Number of Shares
Beginning of period, outstanding (shares)	355,900	276,611	254,331
Granted (shares)	211,820	201,789	141,264
Released (in shares)	(165,533)	(98,864)	(60,407)
Forfeited (shares)	(63,565)	(23,636)	(58,577)
End of period, outstanding (shares)	338,622	355,900	276,611
Weighted Average Grant-Date Per Share Fair Value
Beginning of period, outstanding (in USD per share)	$ 73.57	$ 80.85	$ 76.50
Granted (in USD per share)	73.12	70.12	83.24
Released (in USD per share)	73.64	86.36	66.90
Forfeited (in USD per share)	73.15	75.89	82.09
End of period, outstanding (in USD per share)	$ 73.33	$ 73.57	$ 80.85
Restricted Stock Units (RSUs)
Number of Shares
Beginning of period, outstanding (shares)	123,895	105,592	355,570
Granted (shares)	21,731	60,914	68,998
Released (in shares)	(47,857)	(42,611)	(318,976)
Forfeited (shares)	(39,294)	0	0
End of period, outstanding (shares)	58,475	123,895	105,592
Weighted Average Grant-Date Per Share Fair Value
Beginning of period, outstanding (in USD per share)	$ 62.11	$ 71.00	$ 28.01
Granted (in USD per share)	74.01	49.36	63.04
Released (in USD per share)	64.04	66.63	23.19
Forfeited (in USD per share)	77.23	0	0
End of period, outstanding (in USD per share)	$ 54.07	$ 62.11	$ 71.00

Leases - Components of Lease Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Minimum lease payments	$ 100.7	$ 96.4	$ 96.0
Variable lease income	17.5	16.9	15.3
Total operating lease income	$ 118.2	$ 113.3	$ 111.3
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Rental revenues	Rental revenues	Rental revenues

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details)	1 Months Ended	12 Months Ended
	Apr. 30, 2023 restaurant	Dec. 31, 2023 USD ($) restaurant territory country franchisee reportableUnit revenueCategory segment	Dec. 31, 2022 USD ($) restaurant	Dec. 31, 2021 USD ($) restaurant	Oct. 31, 2022 restaurant
Concentration Risk [Line Items]
Non-current restricted cash \| $		$ 19,500,000	$ 16,400,000
Number of reporting units \| reportableUnit		4
Category of revenue categories \| revenueCategory		4
Advertising expense \| $		$ 100,000	5,600,000	$ 6,800,000
Number of operating segments \| segment		6
Number of reporting segments \| segment		4
Gift Card Breakage Revenue
Concentration Risk [Line Items]
Total franchise revenues \| $		$ 0	$ 300,000	$ 300,000
Sales Revenue, Net \| Revenue from Rights Concentration Risk \| Largest Franchisees
Concentration Risk [Line Items]
Concentration risk by percentage		21.10%	18.80%	18.00%
Sales Revenue, Net \| Revenue from Rights Concentration Risk \| Largest Franchisees \| Franchisee One
Concentration Risk [Line Items]
Concentration risk by percentage		13.90%	12.50%	11.80%
Accounts Receivable \| Revenue from Rights Concentration Risk \| Largest Franchisees
Concentration Risk [Line Items]
Net accounts receivable \| $		$ 19,700,000	$ 20,900,000
Applebee's
Concentration Risk [Line Items]
Number of territories in which entity operates \| territory		2
Number of countries outside the United States in which the entity operates \| country		12
Applebee's \| Franchised
Concentration Risk [Line Items]
Number of restaurants		1,642
Applebee's \| Entity Operated Units
Concentration Risk [Line Items]
Number of restaurants			69	69
Number of restaurants sold			69		69
IHOP
Concentration Risk [Line Items]
Number of restaurants		1,814
Number of territories in which entity operates \| territory		2
Number of countries outside the United States in which the entity operates \| country		13
IHOP \| Franchised
Concentration Risk [Line Items]
Number of restaurants		1,657
IHOP \| Franchised Units or Licensing Agreements
Concentration Risk [Line Items]
Number of restaurants		1,814
Fuzzy's
Concentration Risk [Line Items]
Number of restaurants		132
Fuzzy's \| Franchised
Concentration Risk [Line Items]
Number of restaurants		131
Fuzzy's \| Franchised Units or Licensing Agreements
Concentration Risk [Line Items]
Number of restaurants		131
Fuzzy's \| Entity Operated Units
Concentration Risk [Line Items]
Number of restaurants		1	3
Number of restaurants refranchised	2
Domestic \| Sales Revenue, Net \| Revenue from Rights Concentration Risk \| Largest Franchisees
Concentration Risk [Line Items]
Number of franchisees \| franchisee		2
Number of restaurants		822
Concentration risk by percentage		24.40%
Domestic \| Applebee's \| Sales Revenue, Net \| Revenue from Rights Concentration Risk \| Largest Franchisees
Concentration Risk [Line Items]
Number of franchisees \| franchisee		1
Domestic \| IHOP \| Sales Revenue, Net \| Revenue from Rights Concentration Risk \| Largest Franchisees
Concentration Risk [Line Items]
Number of franchisees \| franchisee		1

Financing Obligations - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Sale Leaseback Transaction [Line Items]
2024	$ 8,400
2025	7,200
2026	6,800
2027	5,700
2028	4,000
Thereafter	21,300
Total minimum lease payments	53,400
Less: interest/imputed interest	(13,100)
Total obligations	40,300
Less: current portion	(5,900)
Finance lease obligations, less current maturities	34,389	$ 30,377
Sale-Leaseback Transactions
Sale Leaseback Transaction [Line Items]
2024	4,600
2025	4,600
2026	4,900
2027	4,600
2028	22,500
Thereafter	0
Total minimum lease payments	41,200
Less: interest/imputed interest	(12,800)
Total obligations	28,400
Less: current portion	(1,400)
Finance lease obligations, less current maturities	$ 27,000

The Company	12 Months Ended
The Company	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company	The Company The first International House of Pancakes® (“IHOP”) restaurant opened in 1958 in Toluca Lake, California. Shortly thereafter, the Company began developing and franchising additional restaurants. The Company was incorporated as IHOP Corp. under the laws of the State of Delaware in 1976. In November 2007, the Company acquired Applebee's International, Inc., which became a wholly-owned subsidiary of the Company. Effective June 2, 2008, the name of the Company was changed to DineEquity, Inc. and on February 20, 2018, the name of the Company was changed to Dine Brands Global, Inc.® (“Dine Brands Global”). In December 2022, the Company acquired FTO Holding Company, LLC (“Fuzzy's”), which owns the Fuzzy's Taco Shop® concept and became a wholly-owned subsidiary of the Company. The Company owns, franchises and operates three restaurant concepts: Applebee's Neighborhood Grill + Bar® (“Applebee's”), in the American full-service restaurant segment within the casual dining category of the restaurant industry; IHOP®, in the family dining mid-scale full-service category of the restaurant industry; and Fuzzy’s Taco Shop®, in the Mexican food segment within the fast-casual dining category of the restaurant industry. As of December 31, 2023, there were 1,814 IHOP restaurants, of which 1,657 were subject to franchise agreements and 157 were subject to area license agreements. These IHOP restaurants were located in all 50 states of the United States, the District of Columbia, two United States territories and 13 countries outside the United States. As of December 31, 2023, there were 1,642 Applebee's® restaurants, all of which were subject to franchise agreements. These Applebee's restaurants were located in 49 states of the United States, two United States territories and 12 countries outside the United States. As of December 31, 2023, the Company had 132 Fuzzy restaurants in 18 states of the United States, of which 131 were subject to franchise agreements and one was company-operated. References herein to Applebee's, IHOP, and Fuzzy's restaurants are to these restaurant concepts, whether operated by franchisees, area licensees or the Company. Retail sales at restaurants that are owned by franchisees and area licensees are not attributable to the Company.

Revenue - Narrative (Details) - Receivables From Franchise Revenue Transactions - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Billed and unbilled receivables	$ 68.7	$ 69.0
Billed and unbilled receivables, accumulated allowance for credit loss	$ 2.7	$ 1.3

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments In some instances, the Company enters into commitments to purchase advertising and other items. Most of these agreements are fixed price purchase commitments. At December 31, 2023, the outstanding purchase commitments were $117.6 million, of which $108.2 million related to advertising commitments over the next twelve months. Lease Guarantees In connection with the refranchising of Applebee's restaurants to franchisees, the Company has, in certain cases, guaranteed or had potential continuing liability for lease payments. The Company had outstanding lease guarantees or was contingently liable for approximately $402.1 million and $445.1 million as of December 31, 2023 and 2022, respectively. These amounts represent the maximum potential liability of future payments under these leases. These leases have been assigned to the buyers and expire at the end of the respective lease terms, which range from 2024 through 2058. Excluding unexercised option periods, the Company's potential liability for future payments under these leases as of December 31, 2023 was $90.1 million. In the event of default, the indemnity and default clauses in our sale or assignment agreements govern our ability to pursue and recover damages incurred. No material liabilities for these guarantees have been recorded as of December 31, 2023. Litigation, Claims and Disputes The Company is subject to various lawsuits, governmental inspections, administrative proceedings, audits, and claims arising in the ordinary course of business. Some of these lawsuits purport to be class actions and/or seek substantial damages. The Company is required to record an accrual for litigation loss contingencies that are both probable and reasonably estimable. Legal fees and expenses associated with the defense of the Company's litigation are expensed as such fees and expenses are incurred. In the opinion of management, these matters are adequately covered by insurance or, if not so covered, are without merit or are of such a nature or involve amounts that would not have a material adverse impact on the Company's business or consolidated financial statements. Management regularly assesses the Company's insurance deductibles, analyzes litigation information with the Company's attorneys and evaluates its loss experience in connection with pending legal proceedings. While the Company does not presently believe that any of the legal proceedings to which the Company is currently a party will ultimately have a material adverse impact on the Company, there can be no assurance that the Company will prevail in all the proceedings the Company is party to, or that the Company will not incur material losses from them. Letters of Credit The Company provides letters of credit, primarily to various insurance carriers to collateralize obligations for outstanding claims. As of December 31, 2023, the Company had approximately $3.4 million of unused letters of credit outstanding that reduce the Company's available borrowing under its 2022 Class A-1 Notes. These letters of credit expire on various dates in 2024 and are automatically renewed for an additional year if no cancellation notice is submitted.

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Receivables, allowance for credit loss	$ 4,462	$ 4,806
Long-term receivables, allowance for credit loss	$ 5,002	$ 5,529
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	24,870,529	24,959,972
Common stock, shares outstanding (in shares)	15,344,768	15,599,239
Treasury stock, shares (in shares)	9,525,761	9,360,733

Goodwill - (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill for the years ended December 31, 2023, 2022 and 2021 are as follows:


	Applebee's Franchise Unit		Applebee's Company Unit		IHOP Franchise Unit		Fuzzy's Franchise Unit		Total
	(In millions)


Balance at December 31, 2020	$	236.2	$	4.6	$	10.8	$	—	$	251.6
Balance at December 31, 2021	236.2		4.6		10.8		—		251.6
Disposition of assets	—		(4.6)		—		—		(4.6)
Business acquisition	—		—		—		7.0		7.0
Balance at December 31, 2022	236.2		—		10.8		7.0		254.0
Purchase price adjustment	—		—		—		0.1		0.1
Balance at December 31, 2023	$	236.2	$	—	$	10.8	$	7.1	$	254.1

Gross and net carrying amounts of goodwill at December 31, 2023 and 2022 are as follows:


	December 31, 2023						December 31, 2022
	Gross		Accumulated Impairment Loss		Net		Gross		Accumulated Impairment Loss		Net
	(In millions)
Applebee's Franchise Unit	$	686.7	$	(450.5)	$	236.2	$	686.7	$	(450.5)	$	236.2
Applebee's Company Unit	—		—		—		4.6		(4.6)		—
IHOP Franchise Unit	10.8		—		10.8		10.8		—		10.8
Fuzzy's Franchise Unit	7.1		—		7.1		7.0		—		7.0
Total	$	704.6	$	(450.5)	$	254.1	$	709.1	$	(455.1)	$	254.0

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Other Intangible Assets

The significant majority of the Company's other intangible assets arose from the November 29, 2007 acquisition of Applebee's. Franchise rights, reacquired franchise rights, favorable leaseholds, and recipes, which is included in Other below, is subject to amortization. Changes in the carrying amounts for the years ended December 31, 2023, 2022 and 2021 are as follows:


	Tradenames		Franchising Rights		Reacquired Franchise Rights		Favorable Leaseholds		Other		Total
	(In millions)




Balance at December 31, 2020	$	468.0	$	69.0	$	5.7	$	3.2	$	3.8	$	549.7

Amortization expense	—		(10.0)		(0.6)		(0.1)		—		(10.7)
Additions	—		—		—		—		0.4		0.4
Balance at December 31, 2021	468.0		59.0		5.1		3.1		4.2		539.4

Amortization expense	—		(10.0)		(0.4)		(0.1)		—		(10.6)
Additions	57.2		14.8		—		—		0.8		72.8
Disposition	—		—		(4.7)		—		—		(4.7)
Balance at December 31, 2022	525.2		63.8		—		3.0		5.0		597.0
Impairment	—		—		—		—		(0.3)		(0.3)
Amortization expense	—		(10.8)		—		(0.1)		0.0		(10.9)
Additions	—		—		—		—		0.2		0.2

Balance at December 31, 2023	$	525.2	$	53.0	$	—	$	2.9	$	4.9	$	586.0

In December 2022, the Company acquired Fuzzy's and recorded $57.2 million of tradename, $14.8 million of franchising rights and $0.5 million of recipes as intangible assets. In October 2022, the $4.7 million disposition of assets was related to the refranchising and sale of the restaurant assets of 69 Applebee's company-operated restaurants. Additions and impairment of other intangibles for the years ended December 31, 2023, 2022, and 2021 are individually insignificant.

The estimated annual amortization expense for the next five fiscal years are as follows:


	Franchising rights		Favorable leaseholds		Other		Total
	(In millions)
2024	$	10.7	$	0.2	$	0.0	$	10.9
2025	10.7		0.2		$	0.0	$	10.9
2026	10.7		0.2		$	0.0	$	10.9
2027	9.8		0.2		$	0.0	$	10.0
2028	0.7		0.2		$	0.0	$	0.9

Gross and net carrying amounts of intangible assets subject to amortization at December 31, 2023 and 2022 are as follows:


	December 31, 2023						December 31, 2022
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
	(In millions)
Franchising rights	$	214.8	$	(161.8)	$	53.0	$	214.8	$	(151.0)	$	63.8

Favorable leaseholds	3.4		(0.5)		2.9		$	3.4	$	(0.4)	3.0
Total	$	218.2	$	(162.2)	$	55.9	$	218.2	$	(151.4)	$	66.8

In the fourth quarter of fiscal 2023, the Company performed a quantitative assessment of the Applebee's tradename and concluded the fair value exceeded the carrying amount. In the fourth quarter of fiscal 2022, the Company performed a qualitative assessment of the Applebee's tradename and concluded the fair value exceeded the carrying amount.

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

The Company engages in leasing activity as both a lessee and a lessor. The majority of the Company's lease portfolio originated when the Company was actively involved in the development and financing of IHOP restaurants prior to the franchising of the restaurant to the franchisee. This activity included the Company's purchase or leasing of the site on which the restaurant was located and subsequently leasing/subleasing the site to the franchisee. With a few exceptions, the Company ended this practice in 2003 and the Company's current lease activity is predominantly comprised of renewals of existing lease arrangements and exercises of options on existing lease arrangements.

The Company currently leases from third parties the real property on which approximately 519 IHOP franchisee-operated restaurants and one Applebee's franchisee-operated restaurant are located; the Company (as lessor) subleases the property to the franchisees that operate those restaurants. The Company also leases property it owns to the franchisees that operate 52 IHOP restaurants and one Applebee's restaurant. The Company leases from a third party the real property on which one Fuzzy's company-operated restaurant is located. The Company also leases office space for its principal corporate office in Pasadena, California and restaurant support centers in Leawood, Kansas and Irving, Texas. The Company does not have a significant amount of non-real estate leases.

The Company's existing leases/subleases related to IHOP restaurants generally provide for an initial term of 20 to 25 years, with most having one or more five-year renewal options. Leases related to Applebee's restaurants generally have an initial term of 10 to 20 years, with renewal terms of five to 20 years. Option periods were not included in determining liabilities and right-of-use assets related to operating leases. Restaurants associated with approximately 340 of the Company's leases met the sales levels that required variable rent payments to the Company (as lessor), based on a percentage of restaurant sales in 2023. Restaurants associated with approximately 45 of the Company's leases met the sales levels that required variable rent payments by the Company (as lessee), based on a percentage of restaurant sales in 2023.

The individual lease agreements do not provide information to determine the implicit interest rate in the agreements. The Company made significant judgments in determining the incremental borrowing rates that were used in calculating operating lease liabilities. Due to the large number of leases, the Company applied a portfolio approach by grouping the leases based on the original lease term. The Company estimated the interest rate for each grouping primarily by reference to (i) yield rates on debt issuances by companies of a similar credit rating as the Company; (ii) U.S. Treasury rates as of the adoption date; and (iii) adjustments for differences in years to maturity.

The Company's lease cost for the years ended December 31, 2023, 2022, and 2021 was as follows:


	Year Ended December 31,
	2023		2022		2021
Finance lease cost:	(In millions)
Amortization of right-of-use assets	$	2.5	$	3.6	$	4.6
Interest on lease liabilities	2.8		4.5		5.4
Operating lease cost	75.3		83.5		84.4
Variable lease cost	7.8		7.6		7.0
Short-term lease cost	0.0		0.0		0.1
Sublease income	(110.4)		(106.8)		(104.6)
Lease cost	$	(22.0)	$	(7.6)	$	(3.1)

Future minimum lease payments under noncancellable leases as lessee as of December 31, 2023 were as follows:


	Finance Leases		Operating Leases
	(In millions)
2024	$	8.4	$	80.9
2025	7.2		71.5
2026	6.8		64.5
2027	5.7		45.9
2028	4.0		31.9
Thereafter	21.3		107.9
Total minimum lease payments	53.4		402.6
Less: interest/imputed interest	(13.1)		(70.0)
Total obligations	40.3		332.6
Less: current portion	(5.9)		(63.5)
Long-term lease obligations	$	34.4	$	269.1

The weighted average remaining lease term as of December 31, 2023 was 5.7 years for finance leases and 5.9 years for operating leases. The weighted average discount rate as of December 31, 2023 was 9.25% for finance leases and 5.66% for operating leases.

During the years ended December 31, 2023, 2022 and 2021, the Company made the following cash payments for leases:


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Principal payments on finance lease obligations	$	6.4	$	8.9	$	10.2
Interest payments on finance lease obligations	$	2.8	$	4.5	$	5.4
Payments on operating leases	$	75.2	$	83.5	$	91.7
Variable lease payments	$	7.8	$	7.6	$	6.2

The Company's income from operating leases for the years ended December 31, 2023, 2022 and 2021 was as follows:


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Minimum lease payments	$	100.7	$	96.4	96.0
Variable lease income	17.5		16.9		15.3
Total operating lease income	$	118.2	$	113.3	$	111.3

Future minimum payments to be received as lessor under noncancellable operating leases as of December 31, 2023 were as follows:



	(In millions)
2024	$	101.2
2025	88.3
2026	74.2
2027	56.5
2028	39.2
Thereafter	122.9
Total minimum rents receivable	$	482.3

The Company's income from real estate leases receivable at December 31, 2023, 2022 and 2021 was as follows:


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Selling profit	$	0.2	$	0.9	$	—
Interest income	1.1		1.5		2.1
Variable lease income	0.4		0.7		0.5
Total financing lease income	$	1.7	$	3.1	$	2.6

Future minimum payments to be received as lessor under noncancellable real estate leases as of December 31, 2023 were as follows:



	(In millions)
2024	$	3.1
2025	2.2
2026	2.3
2027	2.2
2028	2.3
Thereafter	13.8
Total minimum rents receivable	25.9
Less: unearned income	(7.5)
Total real estate leases receivable	18.4
Less: current portion	(2.0)
Long-term real estate leases receivable	$	16.4

Leases

The Company's lease cost for the years ended December 31, 2023, 2022, and 2021 was as follows:


	Year Ended December 31,
	2023		2022		2021
Finance lease cost:	(In millions)
Amortization of right-of-use assets	$	2.5	$	3.6	$	4.6
Interest on lease liabilities	2.8		4.5		5.4
Operating lease cost	75.3		83.5		84.4
Variable lease cost	7.8		7.6		7.0
Short-term lease cost	0.0		0.0		0.1
Sublease income	(110.4)		(106.8)		(104.6)
Lease cost	$	(22.0)	$	(7.6)	$	(3.1)

Future minimum lease payments under noncancellable leases as lessee as of December 31, 2023 were as follows:


	Finance Leases		Operating Leases
	(In millions)
2024	$	8.4	$	80.9
2025	7.2		71.5
2026	6.8		64.5
2027	5.7		45.9
2028	4.0		31.9
Thereafter	21.3		107.9
Total minimum lease payments	53.4		402.6
Less: interest/imputed interest	(13.1)		(70.0)
Total obligations	40.3		332.6
Less: current portion	(5.9)		(63.5)
Long-term lease obligations	$	34.4	$	269.1

During the years ended December 31, 2023, 2022 and 2021, the Company made the following cash payments for leases:


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Principal payments on finance lease obligations	$	6.4	$	8.9	$	10.2
Interest payments on finance lease obligations	$	2.8	$	4.5	$	5.4
Payments on operating leases	$	75.2	$	83.5	$	91.7
Variable lease payments	$	7.8	$	7.6	$	6.2

The Company's income from operating leases for the years ended December 31, 2023, 2022 and 2021 was as follows:


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Minimum lease payments	$	100.7	$	96.4	96.0
Variable lease income	17.5		16.9		15.3
Total operating lease income	$	118.2	$	113.3	$	111.3

Future minimum payments to be received as lessor under noncancellable operating leases as of December 31, 2023 were as follows:



	(In millions)
2024	$	101.2
2025	88.3
2026	74.2
2027	56.5
2028	39.2
Thereafter	122.9
Total minimum rents receivable	$	482.3

The Company's income from real estate leases receivable at December 31, 2023, 2022 and 2021 was as follows:


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Selling profit	$	0.2	$	0.9	$	—
Interest income	1.1		1.5		2.1
Variable lease income	0.4		0.7		0.5
Total financing lease income	$	1.7	$	3.1	$	2.6

Future minimum payments to be received as lessor under noncancellable real estate leases as of December 31, 2023 were as follows:



	(In millions)
2024	$	3.1
2025	2.2
2026	2.3
2027	2.2
2028	2.3
Thereafter	13.8
Total minimum rents receivable	25.9
Less: unearned income	(7.5)
Total real estate leases receivable	18.4
Less: current portion	(2.0)
Long-term real estate leases receivable	$	16.4

Leases

The Company's lease cost for the years ended December 31, 2023, 2022, and 2021 was as follows:


	Year Ended December 31,
	2023		2022		2021
Finance lease cost:	(In millions)
Amortization of right-of-use assets	$	2.5	$	3.6	$	4.6
Interest on lease liabilities	2.8		4.5		5.4
Operating lease cost	75.3		83.5		84.4
Variable lease cost	7.8		7.6		7.0
Short-term lease cost	0.0		0.0		0.1
Sublease income	(110.4)		(106.8)		(104.6)
Lease cost	$	(22.0)	$	(7.6)	$	(3.1)

Future minimum lease payments under noncancellable leases as lessee as of December 31, 2023 were as follows:


	Finance Leases		Operating Leases
	(In millions)
2024	$	8.4	$	80.9
2025	7.2		71.5
2026	6.8		64.5
2027	5.7		45.9
2028	4.0		31.9
Thereafter	21.3		107.9
Total minimum lease payments	53.4		402.6
Less: interest/imputed interest	(13.1)		(70.0)
Total obligations	40.3		332.6
Less: current portion	(5.9)		(63.5)
Long-term lease obligations	$	34.4	$	269.1

During the years ended December 31, 2023, 2022 and 2021, the Company made the following cash payments for leases:


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Principal payments on finance lease obligations	$	6.4	$	8.9	$	10.2
Interest payments on finance lease obligations	$	2.8	$	4.5	$	5.4
Payments on operating leases	$	75.2	$	83.5	$	91.7
Variable lease payments	$	7.8	$	7.6	$	6.2

The Company's income from operating leases for the years ended December 31, 2023, 2022 and 2021 was as follows:


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Minimum lease payments	$	100.7	$	96.4	96.0
Variable lease income	17.5		16.9		15.3
Total operating lease income	$	118.2	$	113.3	$	111.3

Future minimum payments to be received as lessor under noncancellable operating leases as of December 31, 2023 were as follows:



	(In millions)
2024	$	101.2
2025	88.3
2026	74.2
2027	56.5
2028	39.2
Thereafter	122.9
Total minimum rents receivable	$	482.3

The Company's income from real estate leases receivable at December 31, 2023, 2022 and 2021 was as follows:


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Selling profit	$	0.2	$	0.9	$	—
Interest income	1.1		1.5		2.1
Variable lease income	0.4		0.7		0.5
Total financing lease income	$	1.7	$	3.1	$	2.6

Future minimum payments to be received as lessor under noncancellable real estate leases as of December 31, 2023 were as follows:



	(In millions)
2024	$	3.1
2025	2.2
2026	2.3
2027	2.2
2028	2.3
Thereafter	13.8
Total minimum rents receivable	25.9
Less: unearned income	(7.5)
Total real estate leases receivable	18.4
Less: current portion	(2.0)
Long-term real estate leases receivable	$	16.4

Leases

The Company's lease cost for the years ended December 31, 2023, 2022, and 2021 was as follows:


	Year Ended December 31,
	2023		2022		2021
Finance lease cost:	(In millions)
Amortization of right-of-use assets	$	2.5	$	3.6	$	4.6
Interest on lease liabilities	2.8		4.5		5.4
Operating lease cost	75.3		83.5		84.4
Variable lease cost	7.8		7.6		7.0
Short-term lease cost	0.0		0.0		0.1
Sublease income	(110.4)		(106.8)		(104.6)
Lease cost	$	(22.0)	$	(7.6)	$	(3.1)

Future minimum lease payments under noncancellable leases as lessee as of December 31, 2023 were as follows:


	Finance Leases		Operating Leases
	(In millions)
2024	$	8.4	$	80.9
2025	7.2		71.5
2026	6.8		64.5
2027	5.7		45.9
2028	4.0		31.9
Thereafter	21.3		107.9
Total minimum lease payments	53.4		402.6
Less: interest/imputed interest	(13.1)		(70.0)
Total obligations	40.3		332.6
Less: current portion	(5.9)		(63.5)
Long-term lease obligations	$	34.4	$	269.1

During the years ended December 31, 2023, 2022 and 2021, the Company made the following cash payments for leases:


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Principal payments on finance lease obligations	$	6.4	$	8.9	$	10.2
Interest payments on finance lease obligations	$	2.8	$	4.5	$	5.4
Payments on operating leases	$	75.2	$	83.5	$	91.7
Variable lease payments	$	7.8	$	7.6	$	6.2

The Company's income from operating leases for the years ended December 31, 2023, 2022 and 2021 was as follows:


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Minimum lease payments	$	100.7	$	96.4	96.0
Variable lease income	17.5		16.9		15.3
Total operating lease income	$	118.2	$	113.3	$	111.3

Future minimum payments to be received as lessor under noncancellable operating leases as of December 31, 2023 were as follows:



	(In millions)
2024	$	101.2
2025	88.3
2026	74.2
2027	56.5
2028	39.2
Thereafter	122.9
Total minimum rents receivable	$	482.3

The Company's income from real estate leases receivable at December 31, 2023, 2022 and 2021 was as follows:


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Selling profit	$	0.2	$	0.9	$	—
Interest income	1.1		1.5		2.1
Variable lease income	0.4		0.7		0.5
Total financing lease income	$	1.7	$	3.1	$	2.6

Future minimum payments to be received as lessor under noncancellable real estate leases as of December 31, 2023 were as follows:



	(In millions)
2024	$	3.1
2025	2.2
2026	2.3
2027	2.2
2028	2.3
Thereafter	13.8
Total minimum rents receivable	25.9
Less: unearned income	(7.5)
Total real estate leases receivable	18.4
Less: current portion	(2.0)
Long-term real estate leases receivable	$	16.4

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Principles of Consolidation

The consolidated financial statements include the accounts of Dine Brands Global, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Fiscal Periods

The Company has a 52/53 week fiscal year that ends on the Sunday nearest to December 31 of each year. In a 52-week fiscal year, each fiscal quarter contains 13 weeks, comprised of two, four-week fiscal months followed by a five-week fiscal month. In a 53-week fiscal year, the last month of the fourth fiscal quarter contains six weeks. For convenience, the Company refers to its fiscal years as ending on December 31 and its fiscal quarters as ending on March 31, June 30 and September 30.

Use of Estimates

The preparation of financial statements in conformity with United States generally accepted accounting principles (“U.S. GAAP”) requires the Company's management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, if any, at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates are made in the calculation and assessment of the following: impairment of tangible and intangible assets and goodwill; purchase price allocation of acquired companies to the assets acquired and liabilities assumed; income taxes; allowance for doubtful accounts and notes receivables; lease accounting estimates; contingencies; and stock-based compensation. On an ongoing basis, the Company evaluates its estimates based on historical experience, current conditions and various other assumptions that are believed to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates.

Concentration of Credit Risk

The Company's cash, cash equivalents, restricted cash and accounts receivable are potentially subject to concentration of credit risk. Cash and cash equivalents are placed with financial institutions that management believes are creditworthy. The

Company does not believe that it is exposed to any significant credit risk on cash, cash equivalents and restricted cash. At times, cash, cash equivalents and restricted cash balances may be in excess of FDIC insurance limits.

Cash and Cash Equivalents

The Company considers all highly liquid investment securities with remaining maturities at the date of purchase of three months or less to be cash equivalents. These cash equivalents are stated at cost which approximates market value. Cash held related to IHOP advertising funds and the Company's gift card programs is not considered to be restricted cash as there are no restrictions on the use of these funds. The components of cash and cash equivalents were as follows:


	December 31,
	2023		2022
	(In millions)
Money market funds	$	42.0	$	75.0
IHOP advertising funds and gift card programs	82.8		96.7
Other depository accounts	21.2		98.0
Total cash and cash equivalents	$	146.0	$	269.7

Restricted Cash

Current

Current restricted cash primarily consisted of funds required to be held in trust in connection with the Company's securitized debt and funds from Applebee's and Fuzzy's franchisees pursuant to franchise agreements, usage of which was restricted to advertising activities. The components of current restricted cash were as follows:


	December 31,
	2023		2022
	(In millions)
Securitized debt reserves	$	31.2	$	32.4
Applebee's advertising funds	2.0		5.4
Other	1.9		1.1
Total current restricted cash	$	35.1	$	38.9

Non-current

Non-current restricted cash of $19.5 million and $16.4 million at December 31, 2023 and 2022, respectively, represents interest reserves set aside for the duration of the securitized debt. The required reserve is approximately one quarter's interest payment on the Company's securitized debt.

Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation. Properties under finance leases are stated at the present value of the minimum lease payments. Depreciation is computed using the straight-line method over the estimated useful lives of the assets or remaining useful lives. Leasehold improvements and properties under finance leases are amortized on a straight-line basis over their estimated useful lives or the lease term, if less. The general ranges of depreciable and amortizable lives are as follows:


Category						Depreciable Life
Buildings and improvements						25 to 40 years
Leaseholds and improvements						Shorter of primary lease term or between three to 40 years
Equipment and fixtures						Three to five years
Internal-use software						Three to 10 years
Properties under finance leases						Primary lease term or remaining primary lease term

Long-Lived Assets

On a regular basis, the Company assesses whether events or changes in circumstances have occurred that potentially indicate the carrying value of long-lived assets (primarily assets related to property and equipment leased or subleased to franchisees) may not be recoverable. The analysis is performed at the restaurant level for indicators of impairment. The Company tests for impairment using current and historical operating results and cash flows as well as other relevant facts and circumstances as the primary basis for estimates of future cash flows. The Company considers factors such as the number of years the franchisee's restaurant has been in operation, sales trends, cash flow trends, remaining lease life and other factors which apply on a case-by-case basis. Continuing losses associated with an asset are an indicator of impairment.

If it is decided that there has been an impairment, the carrying amount of the asset is written down to the estimated fair value as determined in accordance with U.S. GAAP governing fair value measurements. The primary method of estimating fair value is based on a discounted cash flow analysis. Any loss resulting from impairment is recognized as a charge against operations.

Goodwill and Intangible Assets

Goodwill is recorded when the aggregate purchase price of an acquisition exceeds the estimated fair value of the net identified tangible and intangible assets acquired. Intangible assets resulting from an acquisition are accounted for using the purchase method of accounting and are estimated by management based on the fair value of the assets received. The Company's identifiable intangible assets are comprised primarily of the Applebee's tradename and Applebee's franchise agreements and as of December 2022, the Fuzzy's tradename and Fuzzy's franchise agreements. Identifiable intangible assets with finite lives (franchise agreements) are amortized over the period of estimated benefit using the straight-line method and estimated useful lives. Goodwill and intangible assets considered to have an indefinite life (primarily the tradenames) are not subject to amortization. The determination of indefinite life is subject to reassessment if changes in facts and circumstances indicate the period of benefit has become finite.

Goodwill has been allocated to four reporting units. The significant majority of the Company's goodwill resulted from the November 29, 2007 acquisition of Applebee's and was allocated to the Applebee's franchised restaurants unit (“Applebee's franchise unit”). Smaller amounts of goodwill arising from other business combinations have been allocated to the Fuzzy's franchised restaurants unit (“Fuzzy's franchise unit”), the IHOP franchised restaurants unit (“IHOP franchise unit”) and the Applebee's company restaurants unit (“Applebee's company unit”). In October 2022, the Company refranchised the Applebee's company restaurant units and disposed the related assets. See Note 6 - Goodwill, of the Notes to the Consolidated Financial Statements for additional information.

The Company evaluates the goodwill of the Applebee's franchise unit and the indefinite-lived Applebee's tradename for impairment as of October 31 of each year. The Company evaluates the goodwill of the IHOP franchise unit and the Fuzzy's franchise unit for impairment as of December 31 of each year. In addition to the annual evaluation for impairment, goodwill and indefinite-lived intangible assets are evaluated more frequently if the Company believes indicators of impairment exist.

When evaluating goodwill and indefinite-lived intangible assets for impairment, under U.S. GAAP, the Company may first perform an assessment of qualitative factors to determine if the fair value of the reporting unit or the intangible asset is more-likely-than-not greater than the carrying amount. Such qualitative factors include, but are not limited to, macro-economic conditions, market and industry conditions, cost considerations, current and future income tax rates, the competitive environment, fluctuations in the market value of the Company's common stock, absolute and relative to peers, overall financial performance and results of past impairment tests. If, based on a review of the qualitative factors, the Company determines it is more-likely-than-not that the fair value is greater than the carrying value, the Company may bypass a quantitative test for impairment. Additionally, in any given year, the Company can elect to perform a quantitative assessment of impairment.

In performing the quantitative test for impairment of goodwill, the Company primarily uses the income approach method of valuation that includes the discounted cash flow method and the market approach that includes the guideline public company method. Significant assumptions used to determine fair value under the discounted cash flow method include expected future trends in sales, operating expenses, overhead expenses, capital expenditures and changes in working capital, along with an appropriate discount rate based on the Company's estimated cost of equity capital and after-tax cost of debt. Significant assumptions used to determine fair value under the guideline public company method include the selection of guideline companies and the valuation multiples applied. The Company measures impairment as the excess of a reporting unit's carrying amount over its fair value as determined by the quantitative test described above.

In the process of performing its quantitative impairment review of intangible assets considered to have an indefinite life, the Company primarily uses the relief of royalty method under the income approach method of valuation. Significant assumptions used to determine fair value under the relief of royalty method include future trends in sales, a royalty rate and an appropriate discount rate based on the Company's estimated cost of equity capital and after-tax cost of debt to be applied to the forecast revenue stream.

Business Combinations

From time to time, the Company may enter into business combinations. In accordance with Accounting Standards Codification (“ASC”) 805, Business Combinations, the Company applies the acquisition method for acquisitions that meet the definition of a business combination. Under the acquisition method, the Company estimates the fair value of the identifiable assets and liabilities of the acquired entity on the acquisition date. Acquired intangible assets are valued using different methods under the income approach, including but not limited to, the multi-period excess earnings method for tradenames and franchising rights and the relief of royalty method for recipes. The Company measures goodwill as the excess of consideration transferred over the net of the acquisition date fair values of the identifiable assets acquired and liabilities assumed. Goodwill is assigned to each reporting unit that is expected to benefit from the synergies of the business combination. Acquisition-related expenses and transaction costs associated with business combinations are expensed in the period incurred which is included in the General and administrative expenses line item of the Consolidated Statements of Comprehensive Income.

Revenue Recognition

The Company's revenues are recorded in four categories: franchise operations, company restaurant operations, rental operations and financing operations. Franchise revenue (which comprises most of the Company's revenues) and revenue from company-operated restaurants are recognized in accordance with ASC 606 - Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, revenue is recognized upon transfer of control of promised services or goods to customers in an amount that reflects the consideration the Company expects to receive for those services or goods. The Company's rental and financing revenues are recognized in accordance with other U.S. GAAP accounting standards and are not subject to ASC 606.

Franchise Revenues

The Company franchises the Applebee’s, IHOP and Fuzzy's restaurant concepts. The franchise arrangement for the brands is documented in the form of a franchise agreement and, in most cases, a development agreement. The franchise arrangement between the Company as the franchisor and the franchisee as the customer requires the Company to perform various activities to support the brand that do not directly transfer goods and services to the franchisee, but instead represent a single performance obligation, which is the transfer of the franchise license. The intellectual property subject to the franchise license is symbolic intellectual property as it does not have significant standalone functionality, and substantially all the utility is derived from its association with the Company’s past or ongoing activities. The nature of the Company’s promise in granting the franchise license is to provide the franchisee with access to the brand’s symbolic intellectual property over the term of the license. The services provided by the Company are highly interrelated with the franchise license and as such are considered to represent a single performance obligation.

The transaction price in a standard franchise arrangement for the brands primarily consists of (a) initial franchise/development fees; (b) continuing franchise fees (royalties); and (c) advertising fees. Since the Company considers the licensing of the franchising right to be a single performance obligation, no allocation of the transaction price is required. Additionally, all domestic IHOP franchise agreements require franchisees to purchase proprietary pancake and waffle dry mix from the Company.

The Company recognizes the primary components of the transaction price as follows:

•Franchise and development fees are recognized as revenues ratably on a straight-line basis over the term of the franchise agreement commencing with the restaurant opening date. As these fees are typically received in cash at or

near the beginning of the franchise term, the cash received is initially recorded as a contract liability until recognized as revenue over time;

•The Company is entitled to royalties and advertising fees based on a percentage of the franchisee's gross sales as defined in the franchise agreement. Royalty and advertising revenues are recognized when the franchisee's reported sales occur. Depending on timing within a fiscal period, the recognition of revenue results in either a contract asset (unbilled receivable) or, once billed, accounts receivable, on the balance sheet;

•Revenue from the sales of proprietary pancake and waffle dry mix is recognized in the period in which distributors ship the franchisee's order; recognition of revenue results in accounts receivable on the balance sheet.

In determining the amount and timing of revenue from contracts with customers, the Company exercises judgment with respect to collectibility of the amount; however, the timing of recognition does not require significant judgment as it is based on either the franchise term, the month of sale as reported by the franchisee or the date of product shipment, none of which require estimation.

The Company does not incur a significant amount of contract acquisition costs in conducting its franchising activities. The Company believes its franchising arrangements do not contain a significant financing component.

Company Restaurant Revenues

Company restaurant revenues comprise retail sales at company-operated restaurants. Sales by company-operated restaurants are recognized when food and beverage items are sold. Company restaurant sales are reported net of sales taxes collected from guests that are remitted to the appropriate taxing authorities, with no significant judgments required.

Rental Revenues

Rental operations revenues include revenues from operating leases and interest income from real estate leases. See Basis of Presentation and Summary of Significant Accounting Policies - Leases.

Financing Revenues

Financing operations revenues consist primarily of interest income from the financing of franchise fees and equipment leases, other notes receivable from franchisees and sales of equipment associated with refranchised IHOP restaurants. Interest income is recorded as earned.

Gift Card

The Company administers gift card programs for each restaurant concept. The Company records a liability in the period in which a gift card is sold and recognizes costs associated with its administration of the gift card programs as prepaid assets when the costs are incurred. The liability and prepaid asset recorded on the Company's books are relieved when gift cards are redeemed. If redemption occurs at a franchisee-operated restaurant, the gift card proceeds, net of costs, is remitted to the franchisee. The Company receives gift card breakage revenue only from gift cards redeemed at company-operated restaurants. There was no breakage revenue for gift cards estimated to be redeemable at company-operated restaurants for the year ended December 31, 2023. Breakage revenue for gift cards estimated to be redeemable at company-operated restaurants for the years ended December 31, 2022 and 2021 were $0.3 million and $0.3 million, respectively.

Allowance for Credit Losses

The allowance for credit losses is the Company's best estimate of the amount of probable credit losses incurred on existing receivables; however, changes in circumstances relating to receivables may result in changes to the allowance in the future. The Company determines the allowance based on historical losses, current conditions, and reasonable and supportable forecasts used in assessing the franchisee's or area licensee's ability to pay outstanding balances. The primary indicator of credit quality is delinquency, which is considered to be a receivable balance greater than 90 days past due. The Company continually reviews the allowance for credit losses. Past due balances and future obligations are reviewed individually for collectability. Account balances are charged against the allowance after all collection efforts have been exhausted and the potential for recovery is considered remote. See Note 4 - Current Expected Credit Losses, of the Notes to the Consolidated Financial Statements for additional information.

Leases

The Company accounts for its leasing activities in accordance with accounting guidance for leases, as codified in Accounting Standards Topic 842 (“ASC 842”). In adopting ASC 842, the Company utilized expedients that allowed it to retain the classification, as either an operating lease or a finance lease, that was previously determined under prior accounting guidance for leases. The Company reassesses this classification upon renewal, extension or the modification of an existing lease

agreement. The Company determines the appropriate classification upon entering into a new contract determined to contain a lease.

Operating lease assets and liabilities are recognized at the lease commencement date, or were recognized upon adoption of ASC 842. Operating lease liabilities represent the present value of lease payments not yet paid. Operating lease assets represent the Company's right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct costs, lease incentives and impairment of operating lease assets.

The Company's lease agreements generally do not provide information to determine the implicit interest rate in the agreements. This requires the Company to estimate an incremental borrowing rate to be used in calculating operating lease liabilities as of the adoption or commencement date. The Company estimates the incremental borrowing rate primarily by reference to (i) yield rates on debt issuances by companies of a similar credit rating as the Company; (ii) U.S. Treasury rates as of the adoption or commencement date; and (iii) adjustments for differences between these rates and the lease term.

The cost of an operating lease is recognized over the lease term on a straight-line basis. The lease term commences on the date the Company has the right to control the use of the leased property. Certain leases may contain provisions for rent holidays and fixed-step escalations in payments over the base lease term, as well as renewal periods. The effects of the holidays and fixed-step escalations are reflected in rent expense on a straight-line basis over the expected lease term. Differences between amounts paid and amounts expensed are recorded as deferred rent. Certain leases may include rent escalations based on inflation indexes and fair market value adjustments. Certain leases may contain contingent rental provisions that include a fixed base rent plus an additional percentage of the restaurant’s sales. Subsequent escalations subject to such an index and contingent rental payments are recognized as variable lease expense.

The rental payments (as lessee) or receipts (as lessor) on those property leases that meet the finance lease criteria result in the recognition of interest expense or interest income and a reduction of finance lease obligation or financing lease receivable, respectively. Finance lease obligations are amortized based on the Company's incremental borrowing rate and real estate leases receivable are amortized using the implicit interest rate.

Pre-opening Expenses

Expenditures related to the opening of new or relocated restaurants are charged to expense when incurred.

Advertising

Fair Value Measurements

The Company determines the fair market values of its financial assets and liabilities, as well as non-financial assets and liabilities that are recognized or disclosed at fair value on a recurring basis, based on the fair value hierarchy established in U.S. GAAP. As necessary, the Company measures its financial assets and liabilities using inputs from the following three levels of the fair value hierarchy:

•Level 1 inputs are quoted prices in active markets for identical assets or liabilities.

•Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices in active markets for similar assets or liabilities.

•Level 3 inputs are unobservable and reflect the Company's own assumptions.

The Company does not have a material amount of financial assets or liabilities that are required under U.S. GAAP to be measured at fair value on a recurring basis. None of the Company's non-financial assets or non-financial liabilities is required to be measured at fair value on a recurring basis. Assets recognized or disclosed at fair value in the consolidated financial statements on a nonrecurring basis include items such as property and equipment, operating lease assets, goodwill and other

intangible assets, which are measured at fair value if determined to be impaired. The Company has not elected to use fair value measurement for any assets or liabilities for which fair value measurement is not presently required.

The Company believes the fair values of cash and cash equivalents, restricted cash, accounts receivable and accounts payable approximate their carrying amounts due to their short duration.

Income Taxes

The Company utilizes the liability method of accounting for income taxes. Under the liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using enacted tax rates. A valuation allowance is recorded when it is more likely than not that some or all of the deferred tax assets will not be realized. The Company records estimated tax liabilities to the extent the contingencies are probable and can be reasonably estimated. The Company recognizes interest accrued related to unrecognizable tax benefits and penalties as a component of the income tax provision recognized in the Consolidated Statements of Comprehensive Income.

The Company is taxed on global intangible low-tax income ("GILTI") earned by certain foreign subsidiaries and recognizes the current tax on GILTI as an expense in the period the tax is incurred. The Company includes the current tax impact of GILTI in our effective tax rate.

The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by taxing authorities based on its technical merits, including all appeals or litigation processes. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. For each reporting period, management applies a consistent methodology to measure and adjust all uncertain tax positions based on the available information.

Stock-Based Compensation

Members of the Board of Directors and certain employees are eligible to receive stock options, restricted stock, restricted stock units and performance units pursuant to the Dine Brands Global, Inc. 2019 Stock Incentive Plan. Shares of unvested restricted stock are subject to restrictions on transfer and forfeiture under certain circumstances. The holder of unvested restricted stock has the right to vote and receive regular cash dividends with respect to the shares of unvested restricted stock.

The Company accounts for all stock-based payments to employees and non-employee directors, including grants of stock options, restricted stock, restricted stock units and performance units to be recognized in the financial statements, based on their respective grant date fair values. The value of the portion of the award that is ultimately expected to vest is recognized as expense ratably over the requisite service periods.

The grant date fair value of restricted stock and stock-settled restricted stock units is determined based on the Company's stock price on the grant date. The Company estimates the grant date fair value of stock option awards using the Black-Scholes option pricing model, which considers, among other factors, a risk-free interest rate, the expected life of the award and the historical volatility of the Company's stock price. The Company estimates the grant date fair value of awards with performance-based market conditions using a Monte Carlo simulation method which considers, among other factors, the performance-based market condition, a risk-free interest rate, the expected life of the award and the historical volatility of the Company's stock price. Awards of cash-settled restricted stock units are classified as liabilities with the liability and compensation expense related to cash-settled awards adjusted to fair value at each balance sheet date.

Net Income (Loss) Per Share

Net income (loss) per share is calculated using the two-class method prescribed in U.S. GAAP. Basic net income (loss) per share is computed by dividing the net income (loss) available to common stockholders for the period by the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share is computed by dividing the net

income (loss) available to common stockholders for the period by the weighted average number of common shares and potential shares of common stock outstanding during the period if their effect is dilutive. The Company uses the treasury stock method to calculate the weighted average shares used in the diluted earnings per share calculation. Potentially dilutive common shares include the assumed exercise of stock options and assumed vesting of restricted stock.

Treasury Stock

The Company may from time to time utilize treasury stock when vested stock options are exercised, when restricted stock awards are granted and when restricted stock units settle in stock upon vesting. The cost of treasury stock re-issued is determined using the first-in, first-out method.

Dividends

Dividends declared on common stock are recorded as a reduction of retained earnings to the extent retained earnings are available at the close of the period prior to the date of the dividend declaration. Dividends declared in excess of retained earnings are recorded as a reduction of additional paid-in capital.

Reporting Segments

The Company identifies its reporting segments based on the organizational units used by management to monitor performance and make operating decisions. The Company has six operating segments: Applebee's franchise operations, IHOP franchise operations, Fuzzy's franchise operations, rental operations, financing operations and company-operated restaurant operations. The Company has four reporting segments: franchise operations, (an aggregation of each restaurant concept's franchise operations), rental operations, financing operations and company-operated restaurant operations. The Company considers these to be its reportable segments, regardless of whether any segment exceeds 10% of consolidated revenues, income before income tax provision or total assets.

Franchise Segment

As of December 31, 2023, the franchise operations reportable segment consisted of 1,642 restaurants operated by Applebee's franchisees in the United States, two United States territories and 12 countries outside the United States; 1,814 restaurants operated by IHOP franchisees and area licensees in the United States, two United States territories and 13 countries outside the United States; and 131 restaurants operated by Fuzzy's franchisees in the United States. Franchise operations revenue consists primarily of royalties and advertising fees based on a percentage of the franchisee's gross sales, sales of proprietary products (primarily IHOP pancake and waffle dry mixes) and other franchise fees.

Franchise operations expenses include advertising expense, the cost of proprietary products, pre-opening training expenses and other franchise-related costs.

Rental Segment

Rental operations revenue includes revenue from operating leases and interest income from real estate leases. Rental operations expenses are costs of operating leases and interest expense of finance leases on franchisee-operated restaurants. The rental operations revenue and expenses are primarily generated by IHOP. Applebee's and Fuzzy's have no or an insignificant amount of rental activity.

Financing Segment

Financing operations revenue primarily consists of interest income from the financing of IHOP franchise fees and equipment leases, notes receivable from Applebee's, IHOP and Fuzzy's franchisees and sales of equipment associated with refranchised IHOP restaurants. Financing expenses are the cost of restaurant equipment.

Company Segment

In connection with our acquisition of Fuzzy's in December 2022, the Company acquired three company-owned Fuzzy's restaurants, and subsequently refranchised two restaurants in April 2023. As of December 31, 2023, the Company operated one Fuzzy's restaurant. During 2022 and 2021, the Company operated 69 Applebee's restaurants that were acquired from a former franchisee in December 2018. The 69 Applebee's company-operated restaurants were sold in October 2022. All company-operated restaurants were located in the United States. Company restaurant sales are retail sales at company-operated restaurants. Company restaurant expenses are operating expenses at company-operated restaurants and include food, beverage, labor, benefits, utilities, rent and other operating costs.

Accounting Standards Adopted in the Current Fiscal Year and Newly Issued Accounting Standards Not Yet Adopted

Accounting Standards Adopted in the Current Fiscal Year

In October 2021, the FASB issued Accounting Standards Update ("ASU") No. 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers." The ASU primarily requires contract assets and contract liabilities acquired in a business combination to be recognized and measured in accordance with ASC 606, the revenue standard, and is effective for fiscal years beginning after December 15, 2022. Adoption did not have any material effect on the consolidated financial statements.

Additional new accounting guidance became effective for the Company as of the beginning of fiscal 2023 that the Company reviewed and concluded was either not applicable to its operations or had no material effect on its consolidated financial statements in the current or future fiscal years.

Newly Issued Accounting Standards Not Yet Adopted

In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure," which updates reportable segment disclosure requirements. The ASU primarily requires enhanced disclosures about significant segment expenses and information used to assess segment performance and is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU in our disclosures.

In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and should be applied on a prospective basis with the option to apply the standard retrospectively. The Company is currently evaluating the impact of adopting this ASU on our disclosures.

The Company reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact to the consolidated financial statements.

Leases - Schedule of Income From Direct Financing Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Selling profit	$ 0.2	$ 0.9	$ 0.0
Interest income	1.1	1.5	2.1
Variable lease income	$ 0.4	$ 0.7	$ 0.5
Direct Financing Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Rental revenues	Rental revenues	Rental revenues
Total financing lease income	$ 1.7	$ 3.1	$ 2.6

Segment Reporting

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

Information on segments and a reconciliation of gross profit to income before income taxes is as follows:


	Year Ended December 31,
	2023		2022		2021
			(In millions)
Revenues
Franchise operations	$	706.4	$	662.4	$	631.9
Rental operations	120.0		116.5		113.9
Company restaurants	2.1		126.9		146.0
Financing operations	2.6		3.6		4.3
Total	$	831.1	$	909.4	$	896.2

Gross profit (loss), by segment
Franchise operations	$	362.0	$	340.5	$	336.0
Rental operations	32.5		28.5		26.1
Company restaurants	0.0		5.1		9.3
Financing operations	2.2		3.2		3.8
Total gross profit	396.7		377.3		375.2
Corporate and unallocated expenses, net	(285.0)		(262.6)		(253.3)
Income before income taxes	$	111.7	$	114.8	$	121.9

Interest expense
Rental operations	$	4.0	$	4.3	$	4.9
Company restaurants	—		2.6		3.3
Corporate	70.0		60.7		63.3
Total	$	74.0	$	67.6	$	71.5

Depreciation and amortization
Franchise operations	$	9.8	$	10.0	$	10.1
Rental operations	10.5		10.7		11.1
Company restaurants	0.0		4.3		7.0
Corporate	15.3		13.0		11.7
Total	$	35.6	$	38.0	$	39.9

Goodwill and intangible assets, closure and other impairment charges
Franchise operations	$	1.6	$	3.1	$	1.7
Company restaurants	1.7		—		3.7
Corporate	0.3		—		—
Total	$	3.6	$	3.1	$	5.4

Capital expenditures

Company restaurants	$	0.3	$	4.3	$	6.5
Corporate	36.9		31.0		10.3
Total	$	37.2	$	35.3	$	16.8


	Year Ended December 31,
	2023		2022		2021
			(In millions)

Goodwill
Franchise operations	$	254.1	$	254.0	$	247.0
Company restaurants	—		—		4.6
Total	$	254.1	$	254.0	$	251.6

Total assets
Franchise operations	$	1,090.2	$	1,123.0	$	991.0
Rental operations	375.3		390.6		426.6
Company restaurants	1.4		3.3		117.2
Financing operations	25.4		31.8		39.7
Corporate	248.0		332.8		424.9
Total	$	1,740.3	$	1,881.5	$	1,999.4

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Stock-Based Incentive Plans - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 14, 2022	May 14, 2019	Dec. 31, 2016	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, options, exercises in period, intrinsic value	$ 1,100	$ 37	$ 17,900
Proceeds from stock options exercised	3,812	241	25,337
Tax benefit realized for tax deduction from option exercises	300	9	4,500
Share-based payment arrangement, expense	10,600	17,600	13,900
Employee-related liabilities, current	23,211	23,456
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 2,600
Unrecognized compensation cost, period for recognition (in years)	1 year 4 months 24 days
Restricted Stock and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 17,200
Unrecognized compensation cost, period for recognition (in years)	1 year 4 months 13 days
Cash-Settled Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 0	200	1,500
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Share-based payment arrangement, expense	$ (1,400)	1,200	$ 800
Employee-related liabilities, current	$ 700	$ 2,100
LTIP \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier for target award	0.00%
LTIP \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier for target award	200.00%
Officers, Directors, and Employees \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, expiration period	10 years
Award vesting period	3 years
Officers, Directors, and Employees \| Restricted Stock and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Vesting share-based awards percentage	33.33%
2019 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Company’s common stock for incentive stock awards (in shares)				2,020,000	2,050,000
DineEquity, Inc. 2016 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Company’s common stock for incentive stock awards (in shares)						3,750,000
DineEquity, Inc. 2011 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Company’s common stock for incentive stock awards (in shares)							1,500,000

Basis of Presentation and Summary of Significant Accounting Policies - Fair Value of Financial Instruments (Details) - Level 2 - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Face Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed rate senior secured notes	$ 1,094.0	$ 1,247.0
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fixed rate senior secured notes	$ 1,085.8	$ 1,167.0

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes for the years ended December 31, 2023, 2022 and 2021 was as follows:


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Current
Federal	$	25.6	$	27.5	$	20.2
State	0.6		5.5		4.6
Foreign	2.2		1.8		1.4
	28.4		34.8		26.2
Deferred
Federal	(1.2)		(3.8)		(2.3)
State	(12.6)		2.7		0.2
	(13.8)		(1.1)		(2.1)
Provision for income taxes	$	14.5	$	33.7	$	24.1

Schedule of Effective Income Tax Rate Reconciliation

The provision (benefit) for income taxes differs from the expected federal income tax rates as follows:


	Year Ended December 31,
	2023		2022		2021
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
Non-deductibility of goodwill	—		0.8		—
Non-deductibility of officer's compensation	1.1		2.9		2.2
State and other taxes, net of federal tax benefit	3.8		3.1		3.1
State income tax audit settlement	(13.5)		—		—
Excess tax deficiencies	(0.7)		(0.5)		(7.1)
Change in unrecognized tax benefits	1.1		—		(0.1)
Change in valuation allowance	0.7		(0.3)		0.5
Changes in tax rates and state tax laws	—		3.4		0.2
General business credits	(0.7)		(1.4)		(0.9)
Other	0.2		0.3		0.8
Effective tax rate	13.0	%	29.3	%	19.7	%

Schedule of Deferred Tax Assets and Liabilities

Net deferred tax assets (liabilities) at December 31, 2023 and 2022 consisted of the following components:


	2023		2022
	(In millions)
Lease liabilities	$	93.2	$	93.6
Employee compensation	9.4		9.7

Revenue recognition	37.2		37.1
Tax attributes	14.9		5.3
Other	4.5		3.1
Deferred tax assets	159.2		148.8
Valuation allowance	(4.4)		(3.5)
Total deferred tax assets after valuation allowance	154.8		145.3
Recognition of franchise and equipment sales	(4.9)		(6.7)
Capitalization and depreciation(1)	(123.7)		(121.0)
Lease assets	(85.5)		(90.8)
Other	(1.5)		(1.5)
Deferred tax liabilities	(215.6)		(220.0)
Net deferred tax liabilities	$	(60.8)	$	(74.7)

______________________________

(1) Primarily related to the 2007 Applebee's acquisition.

Summary of Income Tax Contingencies


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Unrecognized tax benefit as of January 1	$	2.1	$	1.9	$	2.2
Changes for tax positions of prior years	—		0.1		0.5
Increases for tax positions related to the current year	1.9		0.4		0.3
Decreases relating to settlements and lapsing of statutes of limitations	(0.5)		(0.3)		(1.1)
Unrecognized tax benefit as of December 31	$	3.5	$	2.1	$	1.9

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Components

Long-term debt at December 31, 2023 and 2022 consists of the following components:


	2023		2022
	(In millions)
Series 2019-1 4.194% Fixed Rate Senior Secured Notes, Class A-2-I	$	—	$	653.0
Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II	594.0		594.0
Series 2022-1 Variable Funding Senior Secured Notes, Class A-1, variable interest rate of 7.95% and 7.29% at December 31, 2023 and December 31, 2022, respectively	100.0		100.0
Series 2023-1 7.824% Fixed Rate Senior Secured Notes, Class A-2	500.0		—
Unamortized debt issuance costs	(9.5)		(5.1)
Long-term debt, net of debt issuance costs	1,184.5		1,341.9
Current portion of long-term debt	(100.0)		(100.0)
Long-term debt	$	1,084.5	$	1,241.9

Income Taxes - Income tax rate reconciliation (Details)	12 Months Ended
Income Taxes - Income tax rate reconciliation (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Statutory federal income tax rate	21.00%	21.00%	21.00%
Non-deductibility of goodwill	0.00%	0.80%	0.00%
Non-deductibility of officer's compensation	1.10%	2.90%	2.20%
State and other taxes, net of federal tax benefit	3.80%	3.10%	3.10%
State income tax audit settlement	(13.50%)	0.00%	0.00%
Excess tax deficiencies	(0.70%)	(0.50%)	(7.10%)
Change in unrecognized tax benefits	1.10%	0.00%	(0.10%)
Change in valuation allowance	0.70%	(0.30%)	0.50%
Changes in tax rates and state tax laws	0.00%	3.40%	0.20%
General business credits	(0.70%)	(1.40%)	(0.90%)
Other	0.20%	0.30%	0.80%
Effective tax rate	13.00%	29.30%	19.70%

Basis of Presentation and Summary of Significant Accounting Policies - General Range of Depreciable and Amortizable Property and Equipment Lives (Details)	Dec. 31, 2023
Minimum \| Buildings and improvements
Property and Equipment [Line Items]
Useful life of property and equipment	25 years
Minimum \| Leaseholds and improvements
Property and Equipment [Line Items]
Useful life of property and equipment	3 years
Minimum \| Equipment and fixtures
Property and Equipment [Line Items]
Useful life of property and equipment	3 years
Minimum \| Internal-use software
Property and Equipment [Line Items]
Useful life of property and equipment	3 years
Maximum \| Buildings and improvements
Property and Equipment [Line Items]
Useful life of property and equipment	40 years
Maximum \| Leaseholds and improvements
Property and Equipment [Line Items]
Useful life of property and equipment	40 years
Maximum \| Equipment and fixtures
Property and Equipment [Line Items]
Useful life of property and equipment	5 years
Maximum \| Internal-use software
Property and Equipment [Line Items]
Useful life of property and equipment	10 years

Business Acquisition

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Business Acquisition

On December 13, 2022, the Company purchased all of the issued and outstanding membership interests of Fuzzy’s for approximately $80 million in cash, pursuant to the Membership Interest Purchase Agreement, dated as of December 2, 2022, with Fuzzy’s becoming a wholly-owned subsidiary of the Company. Fuzzy’s is a dining company that develops, franchises and operates casual dining restaurants that offer a specialized menu of Baja-style Mexican food under the Fuzzy’s Taco Shop brand. The Company acquired Fuzzy’s as part of the Company’s goal to investing in a high growth concept to accelerate growth.

The Company reviewed the SEC guidance in Regulation S-X on the significance of an acquired business that determines if an acquired business is required to provide financial statements and pro forma statements if the business exceeds 20% significance to the Company. Based on the three required tests (asset, investment and income) that were performed by the Company, the acquisition was not deemed to be a significant acquisition, and therefore the required disclosures are limited in these Consolidated Financial Statements. The results of operations related to Fuzzy's have been included in the consolidated results of the Company subsequent to the acquisition date.

The acquisition of Fuzzy’s has been accounted for using the acquisition method of accounting in accordance with ASC 805, Business Combinations, with the Company treated as the accounting acquirer, which requires that the assets acquired, and liabilities assumed be recognized at their acquisition date fair value. The Company received a third-party actuarial valuation report to determine the fair value assigned to the assets acquired and liabilities assumed.

The intangible assets acquired include franchising rights with a useful life of 20 years and a tradename with an indefinite useful life (see Note 7 - Other Intangible Assets). The fair value of franchising rights was estimated based on the estimated future cash flows to be generated from these franchise agreements. The earnings expected to be generated by the franchising rights were forecasted over the estimated duration of the intangible asset. The earnings were then discounted to present value at a rate commensurate with the risk of the asset. The fair value of the tradename was based on the multi-period excess earnings method, a variation of the income approach, using cash flows (“excess earnings”) attributable only to the tradename intangible asset. These excess earnings were discounted to present value at a rate commensurate with the risk of the asset.

The fair value of the tangible personal property and other working capital assets and liabilities was assumed to approximate book value.

Operating lease liabilities were calculated using the present value of lease payments not yet paid and operating lease assets were calculated based upon the operating lease liabilities adjusted for prepayments or accrued lease payments. The contractual rent payments were determined to approximate market rates.

The following table summarizes the estimated fair value of net assets acquired at December 13, 2022:


	(In millions)
Receivables and other current assets	$	1.1
Property and equipment and other non-current assets	2.1
Tradename	57.2
Franchise agreements	14.8
Other intangible assets	0.5
Goodwill	7.0
Accounts payable and other liabilities	(4.4)
Net cash paid for acquisition	$	78.3

The excess of the purchase price over the fair value of identifiable net assets acquired amounted to approximately $7.0 million. The acquisition goodwill arises from the expected synergies from combining the operations of the Company and Fuzzy’s. During the allowable allocation period in 2023, the Company recorded a $0.1 million purchase price adjustment.

Leases - Future Minimum Payments to be Received as Lessor Under Noncancelable Direct Financing Leases (Details) $ in Millions	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 3.1
2025	2.2
2026	2.3
2027	2.2
2028	2.3
Thereafter	13.8
Total minimum rents receivable	25.9
Less: unearned income	(7.5)
Total real estate leases receivable	18.4
Less: current portion	(2.0)
Long-term real estate leases receivable	$ 16.4

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 146,034	$ 269,655
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	42,000	75,000
IHOP advertising funds and gift card programs
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	82,800	96,700
Other depository accounts
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 21,200	$ 98,000

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-13 [Member]

- Definition

Indicates amendment to accounting standards.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 50
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147477123/405-50-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482477/820-10-65-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482477/820-10-65-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 832
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483482/832-10-65-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 832
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483482/832-10-65-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 3
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+ Details

Leases - Future Minimum Payments to be Received as Lessor Under Noncancelable Operating Leases (Details) $ in Millions	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 101.2
2025	88.3
2026	74.2
2027	56.5
2028	39.2
Thereafter	122.9
Total minimum rents receivable	$ 482.3

Segment Reporting (Details) - USD ($) $ in Thousands	12 Months Ended
Segment Reporting (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Rental revenues	$ 119,970	$ 116,491	$ 113,933
Total revenues	831,068	909,402	896,167
Gross profit (loss), by segment	111,703	114,785	121,923
Interest expense	74,000	67,600	71,500
Depreciation and amortization	35,630	37,952	39,885
Goodwill and intangible assets, closure and other impairment charges	3,600	3,100	5,400
Capital expenditures	37,200	35,300	16,800
Goodwill	254,062	253,956	251,600	$ 251,600
Total assets	1,740,287	1,881,491	1,999,400
Operating Segments
Segment Reporting Information [Line Items]
Gross profit (loss), by segment	396,700	377,300	375,200
Goodwill	254,100	254,000	251,600
Corporate
Segment Reporting Information [Line Items]
Gross profit (loss), by segment	(285,000)	(262,600)	(253,300)
Interest expense	70,000	60,700	63,300
Depreciation and amortization	15,300	13,000	11,700
Goodwill and intangible assets, closure and other impairment charges	300	0	0
Capital expenditures	36,900	31,000	10,300
Total assets	248,000	332,800	424,900
Franchise operations
Segment Reporting Information [Line Items]
Revenue from contract with customer	706,365	662,438	631,936
Company restaurants
Segment Reporting Information [Line Items]
Revenue from contract with customer	2,128	126,869	146,000
Financing operations
Segment Reporting Information [Line Items]
Revenue from contract with customer	2,605	3,604	4,298
Franchise operations \| Operating Segments
Segment Reporting Information [Line Items]
Gross profit (loss), by segment	362,000	340,500	336,000
Depreciation and amortization	9,800	10,000	10,100
Goodwill and intangible assets, closure and other impairment charges	1,600	3,100	1,700
Total assets	1,090,200	1,123,000	991,000
Franchise operations \| Franchise operations \| Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer	706,400	662,400	631,900
Goodwill	254,100	254,000	247,000
Rental operations \| Operating Segments
Segment Reporting Information [Line Items]
Rental revenues	120,000	116,500	113,900
Gross profit (loss), by segment	32,500	28,500	26,100
Interest expense	4,000	4,300	4,900
Depreciation and amortization	10,500	10,700	11,100
Total assets	375,300	390,600	426,600
Company restaurants \| Operating Segments
Segment Reporting Information [Line Items]
Gross profit (loss), by segment	(0)	5,100	9,300
Interest expense	0	2,600	3,300
Depreciation and amortization	0	4,300	7,000
Goodwill and intangible assets, closure and other impairment charges	1,700	0	3,700
Capital expenditures	300	4,300	6,500
Total assets	1,400	3,300	117,200
Company restaurants \| Company restaurants
Segment Reporting Information [Line Items]
Revenue from contract with customer	2,100	126,900
Company restaurants \| Company restaurants \| Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer			146,000
Goodwill	0	0	4,600
Financing operations \| Operating Segments
Segment Reporting Information [Line Items]
Gross profit (loss), by segment	2,200	3,200	3,800
Total assets	25,400	31,800	39,700
Financing operations \| Financing operations \| Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer	$ 2,600	$ 3,600	$ 4,300

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Goodwill - Narrative (Details) $ in Millions	1 Months Ended		12 Months Ended
Goodwill - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($) restaurant	Oct. 31, 2022 USD ($) restaurant	Dec. 31, 2022 USD ($) restaurant
Goodwill [Line Items]
Disposition of assets			$ 4.6
Goodwill acquired during period			7.0
Entity Operated Units \| Applebee's
Goodwill [Line Items]
Disposition of assets		$ 4.6	$ 4.6
Number of restaurants sold \| restaurant	69	69	69
Goodwill acquired during period			$ 0.0
Franchised \| Applebee's
Goodwill [Line Items]
Disposition of assets			0.0
Goodwill acquired during period			0.0
Franchised \| Fuzzy's
Goodwill [Line Items]
Disposition of assets			0.0
Goodwill acquired during period	$ 7.0		$ 7.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Closure and Long-lived Tangible Asset Impairment Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Charges [Abstract]
Closure charges	$ 1,600	$ 1,700	$ 3,700
Long-lived tangible asset impairment	2,000	1,400	1,700
Total closure and impairment charges	$ 3,594	$ 3,062	$ 5,409

Stockholders' Deficit - Share Repurchases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Stock repurchased during period, value	$ 26,130	$ 120,163	$ 4,480
2022 Repurchase Program
Class of Stock [Line Items]
Stock repurchased during period (in shares)	446,189	1,149,589
Stock repurchased during period, value	$ 26,100	$ 78,700
Cumulative amount of shares repurchased (in shares)	1,595,778
Cumulative payments for repurchase of common stock	$ 104,800
Remaining dollar value of shares that may be repurchased	$ 145,200
2019 Repurchase Program
Class of Stock [Line Items]
Stock repurchased during period (in shares)		588,108	59,099	459,899
Stock repurchased during period, value		$ 41,400	$ 4,500	$ 26,500
Cumulative amount of shares repurchased (in shares)		2,344,804
Cumulative payments for repurchase of common stock		$ 175,800

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Stock-Based Incentive Plans - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Equity classified awards expense	$ 12.0	$ 16.2	$ 11.6
Liability classified awards expense	(1.4)	1.4	2.3
Total stock-based compensation expense	$ 10.6	$ 17.6	$ 13.9

Current Expected Credit Losses ("CECL") (Tables)

12 Months Ended

Dec. 31, 2023

Credit Loss [Abstract]

Schedule of Receivables and Allowance for Doubtful Accounts

Total receivables balances at December 31, 2023 and 2022 were as follows:


Receivables	2023		2022
	(In millions)
Accounts receivable	$	68.0	$	67.5
Gift card receivables	33.7		34.6

Notes receivable	14.9		17.2
Financing receivables:
Equipment leases receivable	19.7		26.6
Real estate leases receivable	18.4		18.5

Other receivables	18.3		5.6
	173.0		170.0
Less: allowance for doubtful accounts and notes receivable	(9.5)		(10.3)
	163.5		159.7
Less: current portion	(127.9)		(120.0)
Long-term receivables	$	35.6	$	39.7

Financing Receivable, Allowance for Credit Loss

Changes in the allowance for credit losses during the years ended December 31, 2023 and 2022 were as follows:



	Accounts Receivable		Notes receivable, short-term		Notes receivable, long-term		Lease Receivables		Equipment Receivables		Other (1)		Total
	(In millions)






Balance, December 31, 2021	$	1.0	$	3.8	$	6.6	$	0.2	$	0.1	$	0.2	$	11.9

Bad debt (credit) expense	(0.1)		1.4		(1.1)		0.0		(0.0)		0.0		0.3
Advertising provision adjustment	0.5		(0.8)		(0.2)		—		—		—		(0.5)
Write-offs	(0.3)		(0.9)		—		(0.0)		(0.0)		(0.3)		(1.5)
Recoveries	0.1		—		—		0.0		0.0		0.0		0.1
Balance, December 31, 2022	$	1.2	$	3.5	$	5.3	$	0.2	$	0.1	$	(0.1)	$	10.3
Bad debt (credit) expense	1.5		0.4		(0.2)		0.0		0.8		0.1		2.7
Advertising provision adjustment	1.0		(0.2)		—		—		—		—		0.8
Write-offs	(1.2)		(1.9)		(0.3)		(0.0)		(0.9)		—		(4.3)
Recoveries	0.0		—		—		0.0		0.0		0.0		0.0
Balance, December 31, 2023	$	2.5	$	1.8	$	4.8	$	0.2	$	0.2	$	0.0	$	9.5

_________________________________

(1) Primarily distributor receivables, gift card receivables and credit card receivables.

Financing Receivable Credit Quality Indicators

The year of origination of the Company's financing receivables at December 31, 2023 as follows:



	Notes receivable, short and long-term		Lease Receivables		Equipment Receivables		Total
	(In millions)
2023	$	5.5	$	3.6	$	1.0	$	10.1
2022	0.9		8.1		—		9.0
2021	8.3		2.3		—		10.6
2020	0.2		1.2		—		1.4
2019	—		0.7		—		0.7
Prior	0.0		2.5		18.7		21.2
Total	$	14.9	$	18.4	$	19.7	$	53.0

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 26, 2024, our Board of Directors declared a first quarter 2024 cash dividend of $0.51 per share of common stock, payable on April 5, 2024 to the stockholders of record as of the close of business on March 20, 2024.

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2023
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans 401(k) Savings and Investment Plan Effective January 1, 2013, the Company amended the Dine Brands Global, Inc. 401(k) Plan to (i) modify the Company matching formula and (ii) eliminate the one-year completed service requirement that previously had to be met to become eligible for Company matching contributions. As amended, the Company matches 100% of the first four percent of the employee's eligible compensation deferral and 50% of the next two percent of the employee's eligible compensation deferral. All contributions under this plan vest immediately. Company common stock is not an investment option for employees in the 401(k) Plan, other than shares transferred from a prior employee stock ownership plan. Substantially all of the administrative cost of the 401(k) plan is borne by the Company. The Company's matching contribution expense was $3.3 million, $3.3 million and $2.9 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Income Taxes - Net deferred tax assets (liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Lease liabilities	$ 93.2	$ 93.6
Employee compensation	9.4	9.7
Revenue recognition	37.2	37.1
Tax attributes	14.9	5.3
Other	4.5	3.1
Deferred tax assets	159.2	148.8
Valuation allowance	(4.4)	(3.5)
Total deferred tax assets after valuation allowance	154.8	145.3
Recognition of franchise and equipment sales	(4.9)	(6.7)
Capitalization and depreciation	(123.7)	(121.0)
Lease assets	(85.5)	(90.8)
Other	(1.5)	(1.5)
Deferred tax liabilities	(215.6)	(220.0)
Net deferred tax liabilities	$ (60.8)	$ (74.7)

Commitments and Contingencies (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Outstanding purchase commitments	$ 117.6
Letter of Credit \| Series 2022-1 Variable Funding Senior Secured Notes, Class A-1, variable interest rate of 7.95% and 7.29% at December 31, 2023 and December 31, 2022, respectively
Loss Contingencies [Line Items]
Line of credit facility, available remaining borrowing capacity	3.4
Property Lease Guarantee \| Applebee's
Loss Contingencies [Line Items]
Potential liability for guaranteed leases	402.1	$ 445.1
Potential liability for guaranteed leases excluding unexercised option periods	90.1
Advertising
Loss Contingencies [Line Items]
Outstanding purchase commitments	$ 108.2

Stock-Based Compensation - Liability Classified Awards - Cash-settled Restricted Stock Units (Details) - Cash-Settled Restricted Stock Units - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Beginning of period, outstanding (shares)	12,799	52,956
Granted (in shares)	67	0
Released (shares)	(12,866)	(38,916)
Forfeited (shares)	0	(1,241)
End of period, outstanding (shares)	0	12,799

Stockholders' Deficit - Narrative (Details) - USD ($)	12 Months Ended
Stockholders' Deficit - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 17, 2022	Feb. 28, 2019
Class of Stock [Line Items]
Stock repurchased during period, value	$ 26,130,000	$ 120,163,000	$ 4,480,000
Reissuance of treasure stock (in shares)	281,161	205,293	660,718
Reissuance of treasury stock	$ 3,812,000	$ 241,000	$ 25,337,000
Treasury Stock
Class of Stock [Line Items]
Stock repurchased during period (in shares)	446,189	1,737,697	59,099
Stock repurchased during period, value	$ 26,017,000	$ 120,163,000	$ 4,480,000
Reissuance of treasure stock (in shares)	281,161	205,293	660,718
Reissuance of treasury stock	$ 13,454,000	$ 9,619,000	$ 26,795,000
2019 Repurchase Program
Class of Stock [Line Items]
Authorized amount						$ 200,000,000
Stock repurchased during period (in shares)		588,108	59,099	459,899
Stock repurchased during period, value		$ 41,400,000	$ 4,500,000	$ 26,500,000
2022 Repurchase Program
Class of Stock [Line Items]
Authorized amount					$ 250,000,000
Stock repurchased during period (in shares)	446,189	1,149,589
Stock repurchased during period, value	$ 26,100,000	$ 78,700,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

+ References + Details

- Definition

+ References + Details

Net Income Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Income Per Share

The computation of the Company's basic and diluted net income per share is as follows:


	Year Ended December 31,
	2023		2022		2021
	(in thousands, except per share data)
Numerator for basic and diluted income per common share
Net income	$	97,176	$	81,111	$	97,864
Less: Net income allocated to unvested participating restricted stock	(2,317)		(2,174)		(2,295)
Net income available to common stockholders - basic	94,859		78,937		95,569
Effect of unvested participating restricted stock	—		1		13
Numerator - income available to common shareholders - diluted	$	94,859	$	78,938	$	95,582
Denominator
Weighted average outstanding shares of common stock - basic	15,233		15,873		16,799
Effect of dilutive securities:
Stock options	9		28		91
Weighted average outstanding shares of common stock - diluted	15,242		15,901		16,890
Net income per common share
Basic	$	6.23	$	4.97	$	5.69
Diluted	$	6.22	$	4.96	$	5.66

Consolidated Statements of Stockholders' Deficit - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Loss	Treasury Stock
Common stock, shares, outstanding, beginning (in shares) at Dec. 31, 2020		16,452,174
Stockholders' equity, beginning of the period at Dec. 31, 2020	$ (354,651)	$ 249	$ 257,625	$ (55,553)	$ (55)	$ (556,917)
Treasury stock, shares, beginning (in shares) at Dec. 31, 2020						8,429,948
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	97,864			97,864
Other comprehensive income (loss)	(4)				(4)
Purchase of common stock (in shares)		59,099				59,099
Purchase of common stock	$ (4,480)					$ (4,480)
Reissuance of treasure stock (in shares)	660,718	660,718				660,718
Reissuance of treasury stock	$ 25,337	$ 1	(1,459)			$ 26,795
Net use of shares for stock plans (in shares)		131,862
Repurchase of restricted shares for taxes (in shares)		(21,709)
Repurchase of restricted shares for taxes	(1,771)		(1,771)
Stock-based compensation	11,577		11,577
Dividends on common stock	(6,896)			(6,896)
Tax payments for share settlement of restricted stock units	(9,783)		(9,783)
Common stock, shares, outstanding, ending (in shares) at Dec. 31, 2021		17,163,946
Stockholders' equity, ending of the period at Dec. 31, 2021	(242,807)	$ 250	256,189	35,415	(59)	$ (534,602)
Treasury stock, shares, ending (in shares) at Dec. 31, 2021						7,828,329
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	81,111			81,111
Other comprehensive income (loss)	(6)				(6)
Purchase of common stock (in shares)		1,737,697				1,737,697
Purchase of common stock	$ (120,163)					$ (120,163)
Reissuance of treasure stock (in shares)	205,293	205,293				205,293
Reissuance of treasury stock	$ 241		(9,378)			$ 9,619
Net use of shares for stock plans (in shares)		6,886
Repurchase of restricted shares for taxes (in shares)		(39,189)
Repurchase of restricted shares for taxes	(2,867)		(2,867)
Stock-based compensation	16,131		16,131
Dividends on common stock	(31,769)		219	(31,988)
Tax payments for share settlement of restricted stock units	$ (955)		(955)
Common stock, shares, outstanding, ending (in shares) at Dec. 31, 2022	15,599,239	15,599,239
Stockholders' equity, ending of the period at Dec. 31, 2022	$ (301,084)	$ 250	$ 259,339	84,538	(65)	$ (645,146)
Treasury stock, shares, ending (in shares) at Dec. 31, 2022	9,360,733					9,360,733
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 97,176			97,176
Other comprehensive income (loss)	1				1
Purchase of common stock (in shares)		446,189	(113,000)			446,189
Purchase of common stock	$ (26,130)					$ (26,017)
Reissuance of treasure stock (in shares)	281,161	281,161				281,161
Reissuance of treasury stock	$ 3,812	$ (1)	$ (9,641)			$ 13,454
Net use of shares for stock plans (in shares)		(28,069)
Repurchase of restricted shares for taxes (in shares)		(61,374)
Repurchase of restricted shares for taxes	(4,355)		(4,355)
Stock-based compensation	11,990		11,990
Dividends on common stock	(31,525)		181	(31,706)
Tax payments for share settlement of restricted stock units	$ (859)		(859)
Common stock, shares, outstanding, ending (in shares) at Dec. 31, 2023	15,344,768	15,344,768
Stockholders' equity, ending of the period at Dec. 31, 2023	$ (250,974)	$ 249	$ 256,542	$ 150,008	$ (64)	$ (657,709)
Treasury stock, shares, ending (in shares) at Dec. 31, 2023	9,525,761					9,525,761

Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross	$ 218.2	$ 218.2
Accumulated Amortization	(162.2)	(151.4)
Net	55.9	66.8
Franchising Rights
Finite-Lived Intangible Assets [Line Items]
Gross	214.8	214.8
Accumulated Amortization	(161.8)	(151.0)
Net	53.0	63.8	$ 59.0	$ 69.0
Reacquired Franchise Rights
Finite-Lived Intangible Assets [Line Items]
Net	0.0	0.0	5.1	5.7
Favorable leaseholds
Finite-Lived Intangible Assets [Line Items]
Gross	3.4	3.4
Accumulated Amortization	(0.5)	(0.4)
Net	$ 2.9	$ 3.0	$ 3.1	$ 3.2

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 146,034	$ 269,655
Receivables, net of allowance of $4,462 (2023) and $4,806 (2022)	127,937	119,981
Restricted cash	35,058	38,929
Prepaid gift card costs	29,545	30,235
Prepaid income taxes	3,445	3,063
Other current assets	15,759	17,901
Total current assets	357,778	479,764
Other intangible assets, net	586,033	597,028
Operating lease right-of-use assets	275,214	289,123
Goodwill	254,062	253,956
Property and equipment, net	161,891	145,277
Long-term receivables, net of allowance of $5,002 (2023) and $5,529 (2022)	35,602	39,697
Deferred rent receivable	33,326	42,329
Non-current restricted cash	19,500	16,400
Other non-current assets, net	16,881	17,917
Total assets	1,740,287	1,881,491
Current liabilities:
Current maturities of long-term debt	100,000	100,000
Accounts payable	36,193	52,067
Gift card liability	175,640	171,966
Current maturities of operating lease obligations	63,498	59,071
Current maturities of finance lease and financing obligations	7,243	7,542
Accrued employee compensation and benefits	23,211	23,456
Accrued advertising expenses	9,446	24,157
Dividends payable	7,827	8,017
Other accrued expenses	37,394	24,446
Total current liabilities	460,452	470,722
Long-term debt, net, less current maturities	1,084,502	1,241,914
Operating lease obligations, less current maturities	269,097	275,120
Finance lease obligations, less current maturities	34,389	30,377
Financing obligations, less current maturities	26,984	28,358
Deferred income taxes, net	60,829	74,651
Deferred franchise revenue, long-term	38,658	42,343
Other non-current liabilities	16,350	19,090
Total liabilities	1,991,261	2,182,575
Commitments and contingencies
Stockholders' deficit:
Preferred stock, $1 par value, 10,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.01 par value; shares: 40,000,000 authorized; September 30, 2023 - 24,883,740 issued, 15,484,512 outstanding; December 31, 2022 - 24,959,972 issued, 15,599,239 outstanding	249	250
Additional paid-in-capital	256,542	259,339
Retained earnings	150,008	84,538
Accumulated other comprehensive loss	(64)	(65)
Treasury stock, at cost; shares: 2023 - 9,525,761; 2022 - 9,360,733	(657,709)	(645,146)
Total stockholders’ deficit	(250,974)	(301,084)
Total liabilities and stockholders’ deficit	1,740,287	1,881,491
Receivables, allowance for credit loss	4,462	4,806
Long-term receivables, allowance for credit loss	$ 5,002	$ 5,529

Stockholders' Deficit

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Deficit

Stock Repurchase Programs

In February 2019, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $200 million of the Company’s common stock (the “2019 Repurchase Program”) on an opportunistic basis from time to time in the open market or in privately negotiated transactions based on business, market, applicable legal requirements and other considerations. The 2019 Repurchase Program, as approved by the Board of Directors, does not require the repurchase of a specific number of shares and can be terminated at any time.

On February 17, 2022, the Company's Board of Directors authorized a new share repurchase program, effective April 1, 2022, of up to $250 million (the “2022 Repurchase Program”). In connection with the approval of the 2022 Repurchase Program, the 2019 Repurchase Program terminated effective April 1, 2022.


	Shares	Cost of shares
		(In millions)
2022 Repurchase Program
Repurchased during the year ended December 31, 2023	446,189	$	26.1
Repurchased during the year ended December 31, 2022	1,149,589	$	78.7
Cumulative (life-of-program) repurchases	1,595,778	$	104.8
Remaining dollar value of shares that may be repurchased	n/a	$	145.2

2019 Repurchase Program
Repurchased during the year ended December 31, 2022	588,108	$	41.4
Repurchased during the year ended December 31, 2021	59,099	$	4.5
Repurchased during the year ended December 31, 2020	459,899	$	26.5

Cumulative (life-of-program) repurchases	2,344,804	$	175.8
Remaining dollar value of shares that may be repurchased (1)	n/a	n/a

(1) In connection with the 2022 Repurchase Program, the 2019 Repurchase Program terminated effective April 1, 2022.

Dividends

During the fiscal years ended December 31, 2023, 2022 and 2021, the Company declared and paid dividends on common stock as follows:


Year ended December 31, 2023	Declaration Date	Payment Date	Dividends declared per share		Dividends paid per share		Total dividends paid(1)
							(In millions)
Payment of prior year declaration	(3)	January 6, 2023	$	—	$	0.51	$	8.0
First quarter	February 21, 2023	March 31, 2023	0.51		0.51		8.0
Second quarter	May 11, 2023	July 7, 2023	0.51		0.51		7.9
Third quarter	September 7, 2023	September 29, 2023	0.51		0.51		7.8
Fourth quarter	November 30, 2023	(2)	0.51		—		—
Total			$	2.04	$	2.04	$	31.7


Year ended December 31, 2022	Declaration Date	Payment Date	Dividends declared per share		Dividends paid per share		Total dividends paid(1)
Payment of prior year declaration	(4)	January 7, 2022	$	—	$	0.40	$	6.9
First quarter	February 17, 2022	April 1, 2022	0.46		0.46		7.8
Second quarter	May 12, 2022	July 8, 2022	0.51		0.51		8.2
Third quarter	September 9, 2022	September 30, 2022	0.51		0.51		8.1
Fourth quarter	December 2, 2022	(3)	0.51		$	—	$	—
Total			$	1.99	$	1.88	$	31.0


Year ended December 31, 2021	Declaration Date	Payment Date	Dividends declared per share		Dividends paid per share		Total dividends paid(1)




Fourth quarter	December 20, 2021	(4)	$	0.40	$	—	$	—
Total			$	0.40	$	—	$	—

(1) Includes dividend equivalents paid on restricted stock units.

(2) The fourth quarter 2023 dividend of $7.7 million was paid on January 5, 2024.

(3) The fourth quarter 2022 dividend of $8.0 million was paid on January 6, 2023.

(4) The fourth quarter 2021 dividend of $6.9 million was paid on January 7, 2022.

Dividends declared on common stock are recorded as a reduction of retained earnings to the extent retained earnings are available at the close of the period prior to the date of the declared dividend. Dividends in excess of retained earnings are recorded as a reduction of additional paid-in capital. All dividends declared during the fiscal years ended December 31, 2023, 2022 and 2021 were declared from retained earnings.

Treasury Stock

Repurchases of the Company's common stock are included in treasury stock at the cost of shares repurchased plus any transaction costs. Treasury stock may be re-issued when vested stock options are exercised, when restricted stock awards are granted and when restricted stock units settle in stock upon vesting. The cost of treasury stock re-issued is determined on the first-in, first-out (“FIFO”) method. The Company re-issued 281,161 shares, 205,293 shares and 660,718 shares, respectively, during the years ended December 31, 2023, 2022 and 2021 at a total FIFO cost of $13.5 million, $9.6 million and $26.8 million, respectively

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Incentive Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares Under Option
Beginning of period, outstanding (in shares)	539,575	475,904	1,014,670
Granted (in shares)	74,390	75,795	95,891
Exercised (in shares)	(69,443)	(3,505)	(524,536)
Forfeited (in shares)	(20,876)	(6,171)	(59,468)
Expired (in shares)	(61,140)	(2,448)	(50,653)
End of period, outstanding (in shares)	462,506	539,575	475,904
Vested and expected to vest (in shares)	451,644
Exercisable (in shares)	319,802
Weighted Average Exercise Price Per Share
Beginning of period, outstanding (in USD per share)	$ 75.65	$ 76.65	$ 64.16
Granted (in USD per share)	74.94	70.08	75.28
Exercised (in USD per share)	54.90	68.80	48.79
Forfeited (in USD per share)	79.11	81.13	88.39
Expired (in USD per share)	82.47	94.43	98.61
End of period, outstanding (in USD per share)	77.59	$ 75.65	$ 76.65
Vested and expected to vest (in USD per share)	77.67
Exercisable (in USD per share)	$ 79.52
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average remaining contractual term, outstanding (in years)	5 years 9 months 18 days
Weighted average remaining contractual term, vested and expected to vest (in years)	5 years 9 months 18 days
Weighted average remaining contractual term, exercisable (in years)	4 years 7 months 6 days
Aggregate intrinsic value, outstanding	$ 0.0
Aggregate intrinsic value, vested and expected to vest	0.0
Aggregate intrinsic value, exercisable	$ 0.0

Business Acquisition - Net Assets Acquired (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 13, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 254,062	$ 253,956		$ 251,600	$ 251,600
Fuzzy's
Business Acquisition [Line Items]
Receivables and other current assets			$ 1,100
Property and equipment and other non-current assets			2,100
Other intangible assets			500
Goodwill			7,000
Accounts payable and other liabilities			(4,400)
Net cash paid for acquisition			78,300
Fuzzy's \| Tradenames
Business Acquisition [Line Items]
Intangible assets			57,200
Fuzzy's \| Franchise agreements
Business Acquisition [Line Items]
Intangible assets			$ 14,800

Long-Term Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt at December 31, 2023 and 2022 consists of the following components:


	2023		2022
	(In millions)
Series 2019-1 4.194% Fixed Rate Senior Secured Notes, Class A-2-I	$	—	$	653.0
Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II	594.0		594.0
Series 2022-1 Variable Funding Senior Secured Notes, Class A-1, variable interest rate of 7.95% and 7.29% at December 31, 2023 and December 31, 2022, respectively	100.0		100.0
Series 2023-1 7.824% Fixed Rate Senior Secured Notes, Class A-2	500.0		—
Unamortized debt issuance costs	(9.5)		(5.1)
Long-term debt, net of debt issuance costs	1,184.5		1,341.9
Current portion of long-term debt	(100.0)		(100.0)
Long-term debt	$	1,084.5	$	1,241.9

Long-Term Debt

On June 5, 2019, Applebee’s Funding LLC and IHOP Funding LLC (the “Co-Issuers”), each a special purpose, wholly-owned indirect subsidiary of the Company, issued two tranches of fixed rate senior secured notes, the Series 2019-1 4.194% Fixed Rate Senior Secured Notes, Class A-2-I (“2019 Class A-2-I Notes”) in an initial aggregate principal amount of $700 million and the Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II (“2019 Class A-2-II Notes”) in an initial aggregate principal amount of $600 million (the “2019 Class A-2-II Notes” and, together with the 2019 Class A-2-I Notes, the “2019 Class A-2 Notes”). The 2019 Class A-2 Notes were issued pursuant to an offering exempt from registration under the Securities Act of 1933, as amended.

On August 12, 2022, the Co-Issuers established a new revolving financing facility, the 2022-1 Variable Funding Senior Secured Notes, Class A-1 (the “Credit Facility”), that allows for drawings up to $325 million of variable funding notes on a revolving basis and the issuance of letters of credit. In connection with this transaction, the Co-Issuers terminated their $225 million revolving financing facility, the 2019-1 Variable Funding Senior Secured Notes, Class A-1 (the “Previous Credit Facility”).

On April 17, 2023, the Co-Issuers completed a refinancing transaction and issued $500 million of Series 2023-1 7.824% Fixed Rate Senior Secured Notes, Class A-2 (the “2023 Class A-2 Notes”). The 2023 Class A-2 Notes were issued pursuant to an offering exempt from registration under the Securities Act of 1933, as amended. The Company used the net proceeds of the

2023 Class A-2 Notes to repay the entire outstanding balance of approximately $585.1 million of the 2019 Class A-2-I Notes and to pay fees and expenses incurred in connection with the issuance of the 2023 Class A-2 Notes. The remaining 2019 Class A-2-II Notes and the Credit Facility, together with the 2023 Class A-2 Notes are referred to collectively herein as the “Notes.” The Notes were issued in securitization transactions pursuant to which substantially all the domestic revenue-generating assets and domestic intellectual property held by the Co-Issuers and certain other special-purpose, wholly-owned indirect subsidiaries of the Company (the “Guarantors”) were pledged as collateral to secure the Notes.

The Notes were issued under a Base Indenture, dated as of September 30, 2014, amended and restated as of June 5, 2019 and further amended and restated as of April 17, 2023 (the “Base Indenture”). In addition, the 2019 Class A-2-II Notes were issued under the related Series 2019-1 Supplement to the Base Indenture, dated June 5, 2019 (the “Series 2019-1 Supplement”), among the Co-Issuers and Citibank, N.A., as the trustee (in such capacity, the “Trustee”) and securities intermediary, the Credit Facility was issued under the related Series 2022-1 Supplement to the Base Indenture, dated August 12, 2022 (“Series 2022-1 Supplement”), among the Co-Issuers and Citibank, N.A., as Trustee and securities intermediary, and the 2023 Class A-2 Notes were issued under the related Series 2023-I Supplement to the Base Indenture, dated April 17, 2023 (the "Series 2023-I Supplement"), among the Co-Issuers and Citibank, N.A., as Trustee and securities intermediary. The Base Indenture, Series 2019-1 Supplement, Series 2022-1 Supplement, and Series 2023-I Supplement (collectively, the “Indenture”) will allow the Co-Issuers to issue additional series of notes in the future subject to certain conditions set forth therein.

2019 Class A-2 Notes

The 2019 Class A-2-I Notes were voluntarily repaid in full on April 17, 2023, while the 2019 Class A-2-II Notes remain outstanding as of December 31, 2023.

The legal final maturity of the 2019 Class A-2-II Notes is June 2049, but rapid amortization will apply if the 2019 Class A-2-II Notes are not repaid by June 2026 (the “2019 Class A-2-II Anticipated Repayment Date”). If the Co-Issuers have not repaid or refinanced the 2019 Class A-2-II Notes by the 2019 Class A-2-II Anticipated Repayment Date, then additional interest will accrue on the 2019 Class A-2-II Notes, as applicable, at the greater of: (A) 5.0% and (B) the amount, if any, by which the sum of the following exceeds the applicable 2019 Class A-2-II Note interest rate: (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis) on the 2019 Class A-2-II Anticipated Repayment Date of the United States Treasury Security having a term closest to 10 years plus (y) 7.64% for the 2019 Class A-2-II Notes.

While the 2019 Class A-2-II Notes are outstanding, payment of principal and interest is required to be made on the 2019 Class A-2-II Notes on a quarterly basis. The quarterly principal payment of $1.5 million on the 2019 Class A-2-II Notes may be suspended when the leverage ratio for the Company and its subsidiaries is less than or equal to 5.25x. Exceeding the leverage ratio of 5.25x does not violate any covenant related to the Notes. In general, the leverage ratio is the Company's indebtedness (as defined in the Indenture) divided by adjusted EBITDA (as defined in the Indenture) for the four preceding quarterly periods. The complete definitions of all calculation elements of the leverage ratio are contained in the Indenture.

As of December 31, 2023 the Company's leverage ratio was 4.2x. As a result, quarterly principal payments on the 2019 Class A-2-II Notes of $1.5 million currently are not required. The Company may voluntarily repay the 2019 Class A-2-II Notes at any time without any associated make-whole premium.

2019 Class A-1 Notes

The Previous Credit Facility allowed for drawings up to $225 million of variable funding notes on a revolving basis and the issuance of letters of credit. There were no outstanding borrowings since March 2021 under the Previous Credit Facility until its termination in August 2022.

The interest rate for borrowings under the Previous Credit Facility was the three-month LIBOR rate plus 2.15% for 60% of the advances and the commercial paper funding rate of our conduit investor plus 2.15% for 40% of the advances.

2022 Class A-1 Notes

In August 2022, the Co-Issuers entered into the Credit Facility that allows for drawings up to $325 million of variable funding notes on a revolving basis and the issuance of letters of credit. The applicable interest rate under the Credit Facility depends on the type of borrowing by the Co-Issuers. The applicable interest rate for advances is generally calculated at a per annum rate equal to the commercial paper funding rate or one-, two-, three- or six-month Term SOFR Rate, in either case, plus 2.50%. The applicable interest rate for swingline advances and unreimbursed draws on outstanding letters of credit is a per annum base rate equal to the sum of (a) the greatest of (i) the Prime Rate in effect from time to time; (ii) the Federal Funds Rate in effect from time to time plus 0.50%; and (iii) Term SOFR for a one-month tenor in effect at such time plus 0.50% plus (b) 2.00%.

The legal final maturity of the Credit Facility is June 2052, but rapid amortization will apply if there are outstanding amounts under the Credit Facility after June 2027 (the “Class A-1 Renewal Date”). The Class A-1 Renewal Date may be extended at the Co-Issuers’ election for up to two successive one-year periods if certain conditions are met. If the Co-Issuers have not repaid or refinanced the Credit Facility by the Class A-1 Renewal Date (after giving effect to any extensions), then interest will accrue on the Credit Facility at a rate equal to 5.00% in addition to the regular interest rate applicable to the Credit Facility.

In August 2022, the Company borrowed $100 million against the Credit Facility, all of which was outstanding at December 31, 2023. The amount of $3.4 million was pledged against the Credit Facility for outstanding letters of credit, leaving $221.6 million of the Credit Facility available for borrowing at December 31, 2023. It is anticipated that any principal and interest on the Credit Facility outstanding will be repaid in full on or prior to the quarterly payment date in June 2027, subject to two additional one-year extensions at the option of the Company upon the satisfaction of certain conditions. The letters of credit are used primarily to satisfy insurance-related collateral requirements. The weighted average interest rate for the period outstanding during the year ended December 31, 2023 was 7.68%.

2023 Class A-2 Notes

The legal final maturity of the 2023 Class A-2 Notes is in March 2053, but it is anticipated that, unless repaid earlier to the extent permitted under the Indenture, the 2023 Class A-2 Notes will be repaid in June 2029 (the “2023 Class A-2 Anticipated Repayment Date”). If the Co-Issuers have not repaid or refinanced the 2023 Class A-2 Notes by the 2023 Class A-2 Anticipated Repayment Date, then additional interest will accrue on the 2023 Class A-2 Notes, as applicable, at the greater of: (A) 5.0% and (B) the amount, if any, by which the sum of the following exceeds the Series 2023-1 Class A-2 Note interest rate: (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis) on the 2023 Class A-2 Anticipated Repayment Date of the United States Treasury Security having a term closest to 10 years plus (y) 9.24% for the 2023 Class A-2 Notes.

While the 2023 Class A-2 Notes are outstanding, payment of principal and interest is required to be made on the 2023 Class A-2 Notes on a quarterly basis. The payment of principal on the 2023 Class A-2 Notes may be suspended when the leverage ratio for the Company and its subsidiaries is less than or equal to 5.25x.

As of December 31, 2023, the Company's leverage ratio was approximately 4.2x. As a result, quarterly principal payments on the 2023 Class A-2 Notes of $1.25 million currently are not required.

The Company may voluntarily repay the 2023 Class A-2 Notes at any time; however, if the 2023 Class A-2 Notes are repaid prior to certain dates, the Company would be required to pay make-whole premiums. As of December 31, 2023, the make-whole premium associated with voluntary prepayment of the 2023 Class A-2 Notes was approximately $43.5 million. The Company also would be subject to a make-whole premium in the event of a mandatory prepayment required following a Rapid Amortization Event or certain asset dispositions. The mandatory make-whole premium requirements are considered derivatives embedded in the Notes that must be bifurcated for separate valuation. The Company estimated the fair value of these derivatives to be immaterial as of December 31, 2023, based on the probability-weighted discounted cash flows associated with either event.

Management Agreement

Under the terms of the Management Agreement, dated September 30, 2014, as amended and restated as of September 5, 2018, as further amended and restated as of June 5, 2019 and as further amended and restated as of April 17, 2023, among the Co-Issuers and the Guarantors (collectively, the “Securitization Entities”), the Company, Applebee’s Services, Inc., International House of Pancakes, LLC and the Trustee, the Company will act as the manager with respect to substantially all of the assets of the Securitization Entities (the “Securitized Assets”). The primary responsibilities of the manager will be to perform certain franchising, distribution, intellectual property and operational functions on behalf of the Securitization Entities with respect to the Securitized Assets pursuant to the Management Agreement. The manager will be entitled to the payment of the weekly management fee, as set forth in the Management Agreement and will be subject to the liabilities set forth in the Management Agreement.

Repurchase Program

On February 16, 2023, our Company's Board of Directors authorized a debt repurchase program of up to $100 million. Repurchases of the Company's debt, if any, are expected to reduce future cash interest payments, as well as future amounts due at maturity or upon redemption. Under the authorization, the Company may make repurchases of the Company's debt from time to time in the open market or in privately negotiated transactions upon such terms and at such prices as management may determine.

Covenants and Restrictions

The Notes are subject to a series of covenants and restrictions customary for transactions of this type, including: (i) that the Co-Issuers maintain specified reserve accounts to be used to make required payments in respect of the Notes, (ii) provisions relating to optional and mandatory prepayments, and the related payment of specified amounts, including specified call redemption premiums in the case of Class A-2 Notes under certain circumstances; (iii) certain indemnification payments in the event, among other things, the transfers of the assets pledged as collateral for the Notes are in stated ways defective or ineffective and (iv) covenants relating to recordkeeping, access to information and similar matters. The Notes are subject to customary rapid amortization events provided for in the Indenture, including events tied to failure of the Securitization Entities to maintain the stated debt service coverage ratio (“DSCR”), the sum of domestic retail sales for all restaurants being below certain levels on certain measurement dates, certain manager termination events, certain events of default and the failure to repay or refinance the Class A-2 Notes on the anticipated repayment dates. The Notes are also subject to certain customary events of default, including events relating to non-payment of required interest, principal or other amounts due on or with respect to the Notes, failure of the Securitization Entities to maintain the stated DSCR, failure to comply with covenants within certain time frames, certain bankruptcy events, breaches of specified representations and warranties and certain judgments.

In general, the DSCR ratio is Net Cash Flow (as defined in the Indenture) for the four quarters preceding the calculation date divided by the total debt service payments (as defined in the Indenture) of the preceding four quarters. The complete definitions of the DSCR and all calculation elements are contained in the Indenture. Failure to maintain a prescribed DSCR can trigger a Cash Flow Sweeping Event, a Rapid Amortization Event, a Manager Termination Event or a Default Event (each as defined in the Indenture) as described below. In a Cash Flow Sweeping Event, the Trustee is required to retain 50% of excess Cash Flow (as defined in the Indenture) in a restricted account. In a Rapid Amortization Event, all excess Cash Flow is retained and used to retire principal amounts of debt. In a Manager Termination Event, the Company may be replaced as manager of the assets securitized under the Indenture. In a Default Event, the outstanding principal amount and any accrued but unpaid interest can be called to become immediately due and payable. Key DSCRs are as follows:

•DSCR less than 1.75x - Cash Flow Sweeping Event

•DSCR less than 1.20x - Rapid Amortization Event

•Interest-only DSCR less than 1.20x - Manager Termination Event

•Interest-only DSCR less than 1.10x - Default Event

The Company's DSCR for the reporting period ended December 31, 2023 was approximately 3.6x.

Debt Issuance Costs

2023 Class A-2 Notes

The Company incurred costs of approximately $8.0 million in connection with the issuance of the 2023 Class A-2 Notes. These debt issuance costs are being amortized using the effective interest method over the estimated life of the 2023 Class A-2 Notes. Amortization costs of $0.7 million were included in interest expense for the year ended December 31, 2023. As of December 31, 2023, unamortized debt issuance costs of $7.3 million are reported as a direct reduction of the 2023 Series Class A-2 Notes in the Consolidated Balance Sheets.

2022 Class A-1 Notes

In August 2022, the Company incurred costs of approximately $6.3 million in connection with the issuance of the Credit Facility. These debt issuance costs are being amortized over the estimated life of the Credit Facility. Amortization costs of $1.2 million and $0.4 million were included in interest expense for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, unamortized debt issuance costs of $4.7 million related to the Credit Facility are classified as other non-current assets in the Consolidated Balance Sheets.

2019 Class A-2 Notes

The Company incurred costs of approximately $12.9 million in connection with the issuance of the 2019 Class A-2 Notes. These debt issuance costs are being amortized using the effective interest method over estimated life of each tranche of the 2019 Class A-2 Notes. Amortization costs of $1.6 million, $2.4 million, and $2.2 million are included in interest expense for the years ended December 31, 2023, 2022 and 2021, respectively.

The Company repaid the entire outstanding balance of approximately $585.1 million of its 2019 Class A-2-I Notes during the year ended December 31, 2023 and recognized a $1.7 million loss on extinguishment of debt from the write-off of the related remaining issuance costs. This loss was offset by a $1.7 million gain on extinguishment of debt from the purchase of $67.9 million of its 2019 Class A-2-I Notes under par value during the year ended December 31, 2023. In addition, the

Company purchased $40.0 million of its 2019 Class A-2-I Notes under par and recognized a $1.4 million gain on extinguishment of debt during the three months ended December 31, 2022.

As of December 31, 2023, unamortized debt issuance costs of $2.2 million are reported as a direct reduction of the 2019 Class A-2-II Notes in the Consolidated Balance Sheets.

2019 Class A-1 Notes

Amortization costs incurred in connection with the Previous Credit Facility of $0.4 million were included in interest expense for the year ended December 31, 2022. In connection with the termination of the Previous Credit Facility in August 2022, the Company recognized as a loss on extinguishment of debt of $1.2 million, representing the remaining unamortized debt issuance costs associated with the Previous Credit Facility.

Maturities of Long-term Debt

•The final maturity of the 2019 Class A-2 Notes is in June 2049, but it is anticipated that, unless repaid earlier, the 2019 Class A-2-II Notes will be repaid in June 2026.

•The final maturity of the 2023 Class A-2 Notes is in March 2053, but it is anticipated that, unless repaid earlier, the 2023 Class A-2 Notes will be repaid in June 2029.

•The renewal date of the Credit Facility is June 2027, subject to two additional one-year extensions at the option of the Company upon the satisfaction of certain conditions.

•Quarterly principal payments on the 2019 Class A-2-II Notes totaling $1.50 million ($6.0 million per annum) are required if the Company's leverage ratio is greater than 5.25x.

•Quarterly principal payments on the 2023 Class A-2 Notes totaling $1.25 million ($5.0 million per annum) are required if the Company's leverage ratio is greater than 5.25x.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Firm ID	42
Auditor Name	ERNST & YOUNG LLP
Auditor Location	Los Angeles, California

Long-Term Debt - Narrative (Details)			1 Months Ended	3 Months Ended	12 Months Ended
Long-Term Debt - Narrative (Details)	Apr. 17, 2023 USD ($)	Jun. 05, 2019 USD ($) extensionTerm	Aug. 31, 2022 USD ($) renewalPeriod	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) extensionTerm Rate	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Feb. 16, 2023 USD ($)	Aug. 12, 2022 USD ($)	Mar. 31, 2021 USD ($)
Debt Instrument [Line Items]
Debt repurchase program, maximum amount authorized								$ 100,000,000
Threshold percentage					50.00%
Cash sweeping event \| Rate					175.00%
Rapid amortization event \| Rate					120.00%
Manager termination event \| Rate					120.00%
Interest-only debt service coverage ratio, default event \| Rate					110.00%
Debt service coverage ratio \| Rate					360.00%
Loss (gain) on extinguishment of debt					$ 10,000	$ (210,000)	$ 34,000
Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II and Series 2019-1 4.194% Fixed Rate Senior Secured Notes, Class A-2-I
Debt Instrument [Line Items]
Number of tranches issued \| extensionTerm		2
Series 2019-1 4.194% Fixed Rate Senior Secured Notes, Class A-2-I
Debt Instrument [Line Items]
Debt interest rate (percent)		4.194%		4.194%	4.194%	4.194%
Debt instrument, face amount		$ 700,000,000
Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II
Debt Instrument [Line Items]
Debt interest rate (percent)		4.723%		4.723%	4.723%	4.723%
Debt instrument, face amount		$ 600,000,000
Series 2022-1 Variable Funding Senior Secured Notes, Class A-1, variable interest rate of 7.95% and 7.29% at December 31, 2023 and December 31, 2022, respectively
Debt Instrument [Line Items]
Debt interest rate (percent)				7.29%	7.95%	7.29%
Series 2022-1 Variable Funding Senior Secured Notes, Class A-1, variable interest rate of 7.95% and 7.29% at December 31, 2023 and December 31, 2022, respectively \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 325,000,000						$ 325,000,000
Number of renewal periods \| renewalPeriod			2
Renewal period term (in years)			1 year
Interest rate percentage after renewal date					5.00%
Proceeds from long-term lines of credit			$ 100,000,000
Letters of credit outstanding					$ 3,400,000
Line of credit facility, current borrowing capacity					$ 221,600,000
Debt, weighted average interest rate					7.68%
Debt issuance costs, gross			$ 6,300,000
Number of additional extensions \| extensionTerm					2
Additional extension (in years)					1 year
Series 2022-1 Variable Funding Senior Secured Notes, Class A-1, variable interest rate of 7.95% and 7.29% at December 31, 2023 and December 31, 2022, respectively \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate			2.50%
Series 2022-1 Variable Funding Senior Secured Notes, Class A-1, variable interest rate of 7.95% and 7.29% at December 31, 2023 and December 31, 2022, respectively \| Letter of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
Series 2022-1 Variable Funding Senior Secured Notes, Class A-1, variable interest rate of 7.95% and 7.29% at December 31, 2023 and December 31, 2022, respectively \| Letter of Credit \| Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
Series 2022-1 Variable Funding Senior Secured Notes, Class A-1, variable interest rate of 7.95% and 7.29% at December 31, 2023 and December 31, 2022, respectively \| Letter of Credit \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			2.00%
Series 2019-1 Variable Funding Senior Notes Class A-1 \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 225,000,000
Line of credit facility, expired amount									$ 225,000,000
Extinguishment of debt				$ 40,000,000
Line of credit facility, amount outstanding										$ 0
Amortization of financing costs						$ 400,000
Loss (gain) on extinguishment of debt				$ (1,400,000)	$ 1,200,000
Series 2019-1 Variable Funding Senior Notes Class A-1 \| Revolving Credit Facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate					2.15%
Line of credit facility, percentage of advances drawn					60.00%
Series 2019-1 Variable Funding Senior Notes Class A-1 \| Revolving Credit Facility \| Commercial Paper Funding Rate Of Conduit Investor
Debt Instrument [Line Items]
Basis spread on variable rate					2.15%
Line of credit facility, percentage of advances drawn					40.00%
Series 2023-1 7.824% Fixed Rate Senior Secured Notes, Class A-2
Debt Instrument [Line Items]
Debt interest rate (percent)	7.824%				7.824%
Debt instrument, face amount	$ 500,000,000
Additional interest on fixed rate	5.00%
Debt instrument, term	10 years
Debt instrument, periodic payment, principal					$ 1,250,000
Covenant compliance, leverage ratio, maximum \| Rate					525.00%
Ratio of indebtedness to net capital \| Rate					420.00%
Debt instrument, make-whole premium					$ 43,500,000
Debt instrument, annual principal payment					$ 5,000,000
Series 2023-1 7.824% Fixed Rate Senior Secured Notes, Class A-2 \| Maximum
Debt Instrument [Line Items]
Ratio of indebtedness to net capital \| Rate					525.00%
Series 2023-1 7.824% Fixed Rate Senior Secured Notes, Class A-2 \| Ten Year United States Treasury Bill Rate
Debt Instrument [Line Items]
Additional interest on fixed rate	9.24%
Series 2023-1 7.824% Fixed Rate Senior Secured Notes, Class A-2 \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs, gross					$ 8,000,000
Amortization of financing costs					700,000
Debt issuance costs, net					7,300,000
Class A-2-I Notes
Debt Instrument [Line Items]
Extinguishment of debt					585,100,000
Loss (gain) on extinguishment of debt					1,700,000
2019 Class A-2 Notes
Debt Instrument [Line Items]
Extinguishment of debt					67,900,000
Additional interest on fixed rate		5.00%
Debt instrument, term		10 years
Debt instrument, periodic payment, principal					$ 1,500,000
Covenant compliance, leverage ratio, maximum \| Rate					525.00%
Ratio of indebtedness to net capital \| Rate					420.00%
Debt issuance costs, gross					$ 12,900,000
Amortization of financing costs					1,600,000	2,400,000	$ 2,200,000
Loss (gain) on extinguishment of debt					(1,700,000)
Debt instrument, annual principal payment					$ 6,000,000
2019 Class A-2 Notes \| Maximum
Debt Instrument [Line Items]
Ratio of indebtedness to net capital \| Rate					525.00%
2019 Class A-2 Notes \| Ten Year United States Treasury Bill Rate
Debt Instrument [Line Items]
Additional interest on fixed rate		7.64%
Series 2022-1 Variable Funding Senior Notes Class A-1 \| Revolving Credit Facility
Debt Instrument [Line Items]
Amortization of financing costs					$ 1,200,000	$ 400,000
Debt issuance costs, net					4,700,000
2019 Class A-2-II Notes
Debt Instrument [Line Items]
Debt issuance costs, net					$ 2,200,000

Basis of Presentation and Summary of Significant Accounting Policies - Components of Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Total current restricted cash	$ 35.1	$ 38.9
Securitized debt reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Total current restricted cash	31.2	32.4
Applebee's advertising funds
Restricted Cash and Cash Equivalents Items [Line Items]
Total current restricted cash	2.0	5.4
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Total current restricted cash	$ 1.9	$ 1.1

Revenue - Deferred Franchise Revenue Expected To Be Recognized (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 45,269
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 6,611
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 5,850
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 5,018
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 4,122
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 3,151
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 20,517
Performance obligations expected to be satisfied, expected timing

Leases - Payment for Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Principal payments on finance lease obligations	$ 6,431	$ 8,946	$ 10,238
Interest payments on finance lease obligations	2,800	4,500	5,400
Payments on operating leases	75,200	83,500	91,700
Variable lease payments	$ 7,800	$ 7,600	$ 6,200

Business Acquisition (Tables)

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair value of net assets acquired at December 13, 2022:


	(In millions)
Receivables and other current assets	$	1.1
Property and equipment and other non-current assets	2.1
Tradename	57.2
Franchise agreements	14.8
Other intangible assets	0.5
Goodwill	7.0
Accounts payable and other liabilities	(4.4)
Net cash paid for acquisition	$	78.3

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment by category at December 31, 2023 and 2022 were as follows:


	2023		2022
	(In millions)
Leaseholds and improvements	$	219.2	$	211.5
Properties under finance leases	59.0		56.7
Equipment and fixtures	42.7		41.5
Buildings and improvements	51.3		51.3
Land	47.8		47.8
Internal-use software	64.6		52.6
Construction in progress	3.2		17.6
Property and equipment, gross	487.8		479.0
Less: accumulated depreciation and amortization	(325.9)		(333.7)
Property and equipment, net	$	161.9	$	145.3

The Company recorded depreciation expense on property and equipment of $24.7 million, $27.4 million and $29.2 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Accumulated depreciation and amortization includes accumulated amortization for properties under finance leases in the amount of $43.7 million and $45.3 million at December 31, 2023 and 2022, respectively.

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Principles of Consolidation

Fiscal Periods

Use of Estimates

Concentration of Credit Risk

Accounts receivable are derived from revenues earned from franchisees and area licensees located primarily in the United States. Financing receivables arise from the financing of restaurant equipment, real estate leases or franchise fees with the Company by IHOP franchisees. The Company is subject to a concentration of credit risk with respect to receivables from franchisees that own a large number of Applebee's, IHOP or Fuzzy's restaurants. As of December 31, 2023, two franchisees (one Applebee's franchisee and one franchisee with cross-brand ownership) operated a combined total of 822 Applebee's and IHOP restaurants in the United States, which comprised 24.4% of the total Applebee's, IHOP and Fuzzy's franchise and area license restaurants in the United States. Revenues from these two franchisees represented 21.1%, 18.8%, and 18.0% of total consolidated revenue for the years ended December 31, 2023, 2022 and 2021, respectively. One franchisee represented 13.9%, 12.5%, and 11.8% of total consolidated revenue for the years ended December 31, 2023, 2022 and 2021, respectively. Receivables from these franchisees totaled $19.7 million and $20.9 million at December 31, 2023 and 2022, respectively.

Cash and Cash Equivalents


	December 31,
	2023		2022
	(In millions)
Money market funds	$	42.0	$	75.0
IHOP advertising funds and gift card programs	82.8		96.7
Other depository accounts	21.2		98.0
Total cash and cash equivalents	$	146.0	$	269.7

Restricted Cash

Current


	December 31,
	2023		2022
	(In millions)
Securitized debt reserves	$	31.2	$	32.4
Applebee's advertising funds	2.0		5.4
Other	1.9		1.1
Total current restricted cash	$	35.1	$	38.9

Non-current

Property and Equipment


Category						Depreciable Life
Buildings and improvements						25 to 40 years
Leaseholds and improvements						Shorter of primary lease term or between three to 40 years
Equipment and fixtures						Three to five years
Internal-use software						Three to 10 years
Properties under finance leases						Primary lease term or remaining primary lease term

Long-Lived Assets

See Note 13 - Closure and Long-lived Tangible Asset Impairment Charges, of the Notes to the Consolidated Financial Statements for additional information.

Goodwill and Intangible Assets

Business Combinations

Revenue Recognition

Franchise Revenues

The Company recognizes the primary components of the transaction price as follows:

near the beginning of the franchise term, the cash received is initially recorded as a contract liability until recognized as revenue over time;

Company Restaurant Revenues

Rental Revenues

Rental operations revenues include revenues from operating leases and interest income from real estate leases. See Basis of Presentation and Summary of Significant Accounting Policies - Leases.

Financing Revenues

Gift Card

Allowance for Credit Losses

Leases

agreement. The Company determines the appropriate classification upon entering into a new contract determined to contain a lease.

Pre-opening Expenses

Expenditures related to the opening of new or relocated restaurants are charged to expense when incurred.

Advertising

Advertising expense reflected in the Consolidated Statements of Comprehensive Income includes our contributions to the national advertising funds, local marketing advertising costs incurred by company-operated restaurants, and certain advertising costs incurred by the Company to benefit future franchise operations. Costs of advertising typically are expensed either as incurred or the first time the advertising takes place. Any excess or deficiency of advertising fee revenue compared to advertising expenditures, is recognized in the fourth quarter of the Company's fiscal year. Any excess of revenue over expenditures is recognized only to the extent of previously recognized deficits. When advertising revenues exceed the related advertising expenses and there is no recovery of a previously recognized deficit of advertising revenues, advertising costs are accrued up to the amount of revenues.

Advertising expense included in company restaurant operations for the years ended December 31, 2023, 2022 and 2021 was $0.1 million, $5.6 million and $6.8 million, respectively.

Fair Value Measurements

•Level 1 inputs are quoted prices in active markets for identical assets or liabilities.

•Level 2 inputs are observable for the asset or liability, either directly or indirectly, including quoted prices in active markets for similar assets or liabilities.

•Level 3 inputs are unobservable and reflect the Company's own assumptions.

The Company believes the fair values of cash and cash equivalents, restricted cash, accounts receivable and accounts payable approximate their carrying amounts due to their short duration.

The Company believes the fair value of the Credit Facility approximate carrying value due to the variable interest rate. The fair values of the Company's long-term debt, excluding the Credit Facility, at December 31, 2023 and December 31, 2022 were as follows:


	December 31,
	2023		2022
	(In millions)
Face Value	$	1,094.0	$	1,247.0
Fair Value	$	1,085.8	$	1,167.0

Income Taxes

Stock-Based Compensation

Net Income (Loss) Per Share

Treasury Stock

Dividends

Reporting Segments

Franchise Segment

Franchise operations expenses include advertising expense, the cost of proprietary products, pre-opening training expenses and other franchise-related costs.

Rental Segment

Financing Segment

Company Segment

Accounting Standards Adopted in the Current Fiscal Year

Newly Issued Accounting Standards Not Yet Adopted

Leases - Future Minimum Lease Payments Under Noncancelable Leases as Lessee (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Finance Leases
2024	$ 8.4
2025	7.2
2026	6.8
2027	5.7
2028	4.0
Thereafter	21.3
Total minimum lease payments	53.4
Less: interest/imputed interest	(13.1)
Total obligations	$ 40.3
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current maturities of finance lease and financing obligations	Current maturities of finance lease and financing obligations
Less: current portion	$ (5.9)
Long-term lease obligations	34.4
Operating Leases
2024	80.9
2025	71.5
2026	64.5
2027	45.9
2028	31.9
Thereafter	107.9
Total minimum lease payments	402.6
Less: interest/imputed interest	(70.0)
Total obligations	332.6
Less: current portion	(63.5)
Long-term lease obligations	$ 269.1

Stock-Based Incentive Plans

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Incentive Plans

General Description

Currently, the Company is authorized to grant stock options, stock appreciation rights, restricted stock, cash-settled and stock-settled restricted stock units and performance units to officers, other employees and non-employee directors under the Dine Brands Global, Inc. 2019 Stock Incentive Plan (the “2019 Plan”). The 2019 Plan was approved by stockholders on May 14, 2019 to permit the issuance of up to 2,050,000 shares (subject to adjustment as defined in the 2019 Plan for shares that may become available from prior plans) of the Company’s common stock for incentive stock awards. The 2019 Plan was amended and approved by stockholders on May 14, 2022 to permit the issuance of an additional 2,020,000 shares (subject to adjustment as defined in the 2019 Plan Amendment for shares that may become available from prior plans) of the Company’s common stock for incentive stock awards. The 2019 Plan will expire in May 2029.

The Dine Brands Global, Inc. 2016 Stock Incentive Plan (the “2016 Plan”) was adopted in 2016 to permit the issuance of up to 3,750,000 shares of the Company’s common stock for incentive stock awards. The 2016 Plan was terminated upon adoption of the 2019 Plan, but there are stock options (vested and unvested) and unvested restricted stock and restricted stock units issued under the 2016 Plan that are outstanding as of December 31, 2023.

The DineEquity, Inc. 2011 Stock Incentive Plan (the “2011 Plan”) was adopted in 2011 to permit the issuance of up to 1,500,000 shares of the Company’s common stock for incentive stock awards. The 2011 Plan was terminated upon adoption of the 2016 Plan, but there are vested stock options issued under the 2011 Plan that are outstanding as of December 31, 2023.

The 2019 Plan, 2016 Plan and the 2011 Plan are collectively referred to as the “Plans.”

Stock-Based Compensation Expense

From time to time, the Company has granted non-qualified stock options, restricted stock, cash-settled and stock-settled restricted stock units and performance units to officers, other employees and non-employee directors of the Company under the Plans. The non-qualified stock options generally vest ratably over a three-year period in one-third increments and have a maturity of ten years from the grant date. Options vest immediately upon a change in control of the Company, as defined in the Plans. Option exercise prices equal the closing price of the Company's common stock on the New York Stock Exchange on the date of grant. Restricted stock and restricted stock units are issued at no cost to the holder and vest over terms determined by the Compensation Committee of the Company's Board of Directors, generally either three years from the date of grant or in one-third increments over three years, as well as immediately upon a change in control of the Company, as defined in the Plans. The Company either utilizes treasury stock or issues new shares from its authorized but unissued share pool when vested stock options are exercised, when restricted stock awards are granted and when restricted stock units settle in stock upon vesting. See Note 12, Stockholders' Deficit, of Notes to the Consolidated Financial Statements, for treasury shares utilized related to equity grants during the years ended December 31, 2023, 2022 and 2021.

The following table summarizes the Company's stock-based compensation expense included as a component of general and administrative expenses in the consolidated financial statements:


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Stock-based compensation expense
Equity classified awards expense	$	12.0	$	16.2	$	11.6
Liability classified awards expense	(1.4)		1.4		2.3
Total stock-based compensation expense	10.6		17.6		13.9

As of December 31, 2023, total unrecognized compensation cost related to restricted stock and restricted stock units of $17.2 million and $2.6 million related to stock options is expected to be recognized over a weighted average period of approximately 1.37 years for restricted stock and restricted stock units and 1.40 years for stock options.

Equity Classified Awards - Stock Options

The per share fair values of the stock options granted have been estimated as of the date of grant using the Black-Scholes option pricing model. The Black-Scholes model considers, among other factors, the expected life of the option and the historical volatility of the Company's stock price. The Black-Scholes model meets the requirements of U.S. GAAP, but the fair values generated by the model may not be indicative of the actual fair values of the Company's stock-based awards.

The following table summarizes the assumptions used in the Black-Scholes model for stock options granted in the years ended December 31, 2023, 2022 and 2021:


	2023			2022			2021
Risk free interest rate	4.4		%	1.7		%	0.5		%
Weighted average historical volatility	70.9		%	70.1		%	67.7		%
Dividend yield	2.7		%	2.6		%	—		%
Expected years until exercise	4.5			4.5			4.5

Weighted average fair value of options granted	$	37.35		$	33.23		$	40.25

Stock option activity for the years ended December 31, 2023, 2022 and 2021 is summarized as follows:


	Number of Shares Under Option	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2020	1,014,670	$	64.16
Granted	95,891	75.28
Exercised	(524,536)	48.79
Forfeited	(59,468)	88.39
Expired	(50,653)	98.61
Outstanding at December 31, 2021	475,904	76.65
Granted	75,795	70.08
Exercised	(3,505)	68.80
Forfeited	(6,171)	81.13
Expired	(2,448)	94.43
Outstanding at December 31, 2022	539,575	75.65
Granted	74,390	74.94
Exercised	(69,443)	54.90
Forfeited	(20,876)	79.11
Expired	(61,140)	82.47
Outstanding at December 31, 2023	462,506	$	77.59	5.8	$	—
Vested and Expected to Vest at December 31, 2023	451,644	$	77.67	5.8	$	—
Exercisable at December 31, 2023	319,802	$	79.52	4.6	$	—

The total intrinsic value of options exercised during the years ended December 31, 2023, 2022 and 2021 was $1.1 million, $37 thousand and $17.9 million, respectively.

Cash received from options exercised under all stock-based payment arrangements for the years ended December 31, 2023, 2022 and 2021 was $3.8 million, $0.2 million and $25.3 million, respectively. The actual tax benefit realized for the tax deduction from option exercises under the stock-based payment arrangements totaled $0.3 million, $9 thousand and $4.5 million, respectively, for the years ended December 31, 2023, 2022 and 2021.

Equity Classified Awards - Restricted Stock and Restricted Stock Units

Activity in equity classified awards of restricted stock and restricted stock units for the years ended December 31, 2023, 2022 and 2021 is as follows:


	Shares of Restricted Stock	Weighted Average Grant-Date Per Share Fair Value		Restricted Stock Units	Weighted Average Grant-Date Per Share Fair Value




Outstanding at December 31, 2020	254,331	$	76.50	355,570	$	28.01
Granted	141,264	83.24		68,998	63.04
Released	(60,407)	66.90		(318,976)	23.19
Forfeited	(58,577)	82.09		—	—
Outstanding at December 31, 2021	276,611	80.85		105,592	71.00
Granted	201,789	70.12		60,914	49.36
Released	(98,864)	86.36		(42,611)	66.63
Forfeited	(23,636)	75.89		—	—
Outstanding at December 31, 2022	355,900	73.57		123,895	62.11
Granted	211,820	73.12		21,731	74.01
Released	(165,533)	73.64		(47,857)	64.04
Forfeited	(63,565)	73.15		(39,294)	77.23
Outstanding at December 31, 2023	338,622	$	73.33	58,475	$	54.07

Liability Classified Awards - Cash-settled Restricted Stock Units

The Company has granted cash-settled restricted stock units to certain employees in the past. These instruments are recorded as liabilities at fair value as of the respective period end.


						Cash-Settled Restricted Stock Units




Outstanding at December 31, 2020						52,956
Granted						—
Released						(38,916)
Forfeited						(1,241)
Outstanding at December 31, 2021						12,799
Granted						67
Released						(12,866)
Forfeited						—
Outstanding at December 31, 2022						—

There were no liabilities outstanding related to cash-settled restricted stock units at December 31, 2023 and 2022. There was no stock-based compensation expense related to cash-settled restricted stock units for the year ended December 31, 2023. For the years ended December 31, 2022 and 2021, $0.2 million and $1.5 million, respectively, was included as stock-based compensation expense related to cash-settled restricted stock units.

Liability Classified Awards - Long-Term Incentive Awards

The Company has granted cash long-term incentive awards to certain employees (“LTIP awards”). Annual LTIP awards vest over a three-year period and are determined using a multiplier from 0% to 200% of the target award based on the total stockholder return of the Company's common stock compared to the total stockholder returns of a peer group of companies. Though LTIP awards are only paid in cash, since the multiplier is primarily based on the price of the Company's common stock, the awards are considered stock-based compensation in accordance with U.S. GAAP and are classified as liabilities. The expense related to the LTIP awards included a credit of $1.4 million and an expense of $1.2 million and $0.8 million, for the

years ended December 31, 2023, 2022 and 2021, respectively. At December 31, 2023 and 2022, a liability of $0.7 million was included as other non-current liabilities and $2.1 million was included as accrued employee compensation and benefits, respectively, in the Consolidated Balance Sheets.

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net (Loss) Income Per Share

The computation of the Company's basic and diluted net income per share is as follows:


	Year Ended December 31,
	2023		2022		2021
	(in thousands, except per share data)
Numerator for basic and diluted income per common share
Net income	$	97,176	$	81,111	$	97,864
Less: Net income allocated to unvested participating restricted stock	(2,317)		(2,174)		(2,295)
Net income available to common stockholders - basic	94,859		78,937		95,569
Effect of unvested participating restricted stock	—		1		13
Numerator - income available to common shareholders - diluted	$	94,859	$	78,938	$	95,582
Denominator
Weighted average outstanding shares of common stock - basic	15,233		15,873		16,799
Effect of dilutive securities:
Stock options	9		28		91
Weighted average outstanding shares of common stock - diluted	15,242		15,901		16,890
Net income per common share
Basic	$	6.23	$	4.97	$	5.69
Diluted	$	6.22	$	4.96	$	5.66

The Company (Details)	Dec. 31, 2023 restaurant uSState territory country	Dec. 31, 2022 restaurant	Dec. 31, 2021 restaurant
IHOP
Franchisor Disclosure [Line Items]
Number of restaurants	1,814
Number of states in which entity operates \| uSState	50
Number of territories in which entity operates \| territory	2
Number of countries outside the United States in which the entity operates \| country	13
IHOP \| Franchised
Franchisor Disclosure [Line Items]
Number of restaurants	1,657
IHOP \| Licensing Agreements
Franchisor Disclosure [Line Items]
Number of restaurants	157
Applebee's
Franchisor Disclosure [Line Items]
Number of states in which entity operates \| uSState	49
Number of territories in which entity operates \| territory	2
Number of countries outside the United States in which the entity operates \| country	12
Applebee's \| Franchised
Franchisor Disclosure [Line Items]
Number of restaurants	1,642
Applebee's \| Entity Operated Units
Franchisor Disclosure [Line Items]
Number of restaurants		69	69
Fuzzy's
Franchisor Disclosure [Line Items]
Number of restaurants	132
Number of states in which entity operates \| uSState	18
Fuzzy's \| Franchised
Franchisor Disclosure [Line Items]
Number of restaurants	131
Fuzzy's \| Entity Operated Units
Franchisor Disclosure [Line Items]
Number of restaurants	1	3

Financing Obligations - Narrative (Details) $ in Millions	1 Months Ended	12 Months Ended
Financing Obligations - Narrative (Details) $ in Millions	Jun. 30, 2008 termExtensionOption	Dec. 31, 2023 USD ($) realProperty	Jun. 13, 2008 USD ($)	May 19, 2008 realProperty
Sale Leaseback Transaction Agreement for Properties
Sale Leaseback Transaction [Line Items]
Parcels of real property under sale leaseback transaction				181
Master Lease Agreement
Sale Leaseback Transaction [Line Items]
Parcels of real property under sale leaseback transaction		181
Gross proceeds of sale leaseback transaction \| $			$ 337.2
Sale leaseback initial term	20 years
Number of options to extend initial leaseback term \| termExtensionOption	4
Extension period for options to extend sale leaseback initial term (in years)	5 years
Properties assigned to franchisee or released from lessor		160
Reduction in property and equipment and financing obligations as a result of sales transactions \| $		$ 286.9

Employee Benefit Plans (Details) - USD ($) $ in Millions		12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Jan. 01, 2013	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Contribution Plan Disclosure [Line Items]
Contributions made to 401(k)		$ 3.3	$ 3.3	$ 2.9
First Tier of Deferral
Defined Contribution Plan Disclosure [Line Items]
Percent of gross pay	100.00%
Percent of eligible deferral	4.00%
Second Tier of Deferral
Defined Contribution Plan Disclosure [Line Items]
Percent of gross pay	50.00%
Percent of eligible deferral	2.00%

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net income	$ 97,176	$ 81,111	$ 97,864
Adjustments to reconcile net income to cash flows provided by operating activities:
Depreciation and amortization	35,630	37,952	39,885
Non-cash stock-based compensation expense	11,990	16,131	11,577
Non-cash closure and impairment charges	3,594	2,927	5,324
Non-cash interest expense	3,505	3,226	2,818
Deferred income taxes	(13,822)	(1,071)	(2,065)
Deferred revenue	(4,224)	(4,474)	(6,573)
Loss (gain) on extinguishment of debt	10	(210)	34
Loss (gain) on disposition of assets	2,359	(2,536)	2,041
Other	(3,552)	(5,160)	(1,593)
Changes in operating assets and liabilities:
Accounts receivable, net	1,913	(2,574)	7,301
Deferred rent receivable	9,003	7,928	6,192
Current income tax receivables and payables	1,160	8,326	(3,837)
Operating lease assets and liabilities	7,256	(11,823)	(18,212)
Gift card receivables and payables	5,095	2,783	14,759
Other current assets	1,911	(12,706)	(629)
Accounts payable	(16,027)	(3,665)	13,131
Accrued employee compensation and benefits	(1,748)	(16,264)	19,714
Accrued advertising expenses	(14,711)	(10,020)	12,111
Other current liabilities	4,622	(545)	(4,007)
Cash flows provided by operating activities	131,140	89,336	195,835
Cash flows from investing activities
Principal receipts from notes, equipment contracts and other long-term receivables	9,319	17,057	20,230
Net additions to property and equipment	(37,172)	(35,318)	(16,849)
Proceeds from sale of property and equipment	10	17,028	946
Additions to long-term receivables	(1,069)	(1,069)	0
Acquisition of business, net of cash acquired	(101)	(78,264)	0
Other	(1,084)	(338)	(466)
Cash flows (used in) provided by investing activities	(30,097)	(80,904)	3,861
Cash flows from financing activities
Proceeds from issuance of long-term debt	530,000	100,000	0
Repayment of long-term debt	(651,713)	(38,768)	(9,750)
Repayments of revolving credit facility	(30,000)	0	(220,000)
Payment of debt issuance costs	(8,044)	(6,289)	0
Dividends paid on common stock	(31,715)	(30,765)	0
Repurchase of common stock	(26,130)	(120,452)	(4,191)
Principal payments of finance lease and financing obligations	(6,431)	(8,946)	(10,238)
Proceeds from stock options exercised	3,812	241	25,337
Repurchase of restricted stock for tax payments upon vesting	(4,355)	(2,867)	(1,771)
Tax payments for share settlement of restricted stock units	(859)	(955)	(9,783)
Cash flows used in financing activities	(225,435)	(108,801)	(230,396)
Net change in cash, cash equivalents and restricted cash	(124,392)	(100,369)	(30,700)
Cash, cash equivalents and restricted cash at beginning of year	324,984	425,353	456,053
Cash, cash equivalents and restricted cash at end of year	200,592	324,984	425,353
Supplemental disclosures
Interest paid	73,976	64,599	65,229
Income taxes paid	28,409	28,085	31,300
Non-cash conversion of accounts receivable to notes receivable	1,367	84	4,258
Non-cash balance sheet gross-up of receivables and other accrued expenses	$ (11,000)	$ 0	$ 0

Net Income Per Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator for basic and diluted income per common share
Net income	$ 97,176	$ 81,111	$ 97,864
Less: Net income allocated to unvested participating restricted stock	(2,317)	(2,174)	(2,295)
Net income available to common stockholders	94,859	78,937	95,569
Effect of unvested participating restricted stock	0	1	13
Numerator - income available to common shareholders - diluted	$ 94,859	$ 78,938	$ 95,582
Denominator
Weighted average outstanding shares of common stock - basic (in shares)	15,233	15,873	16,799
Stock options (in shares)	9	28	91
Weighted average outstanding shares of common stock - diluted (in shares)	15,242	15,901	16,890
Net income per common share
Basic (in dollars per share)	$ 6.23	$ 4.97	$ 5.69
Diluted (in dollars per share)	$ 6.22	$ 4.96	$ 5.66

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

The components of cash and cash equivalents were as follows:


	December 31,
	2023		2022
	(In millions)
Money market funds	$	42.0	$	75.0
IHOP advertising funds and gift card programs	82.8		96.7
Other depository accounts	21.2		98.0
Total cash and cash equivalents	$	146.0	$	269.7

Restrictions on Cash and Cash Equivalents

The components of current restricted cash were as follows:


	December 31,
	2023		2022
	(In millions)
Securitized debt reserves	$	31.2	$	32.4
Applebee's advertising funds	2.0		5.4
Other	1.9		1.1
Total current restricted cash	$	35.1	$	38.9

Property and Equipment Depreciable Lives

The general ranges of depreciable and amortizable lives are as follows:


Category						Depreciable Life
Buildings and improvements						25 to 40 years
Leaseholds and improvements						Shorter of primary lease term or between three to 40 years
Equipment and fixtures						Three to five years
Internal-use software						Three to 10 years
Properties under finance leases						Primary lease term or remaining primary lease term

Fair Value of Financial Instruments

The fair values of the Company's long-term debt, excluding the Credit Facility, at December 31, 2023 and December 31, 2022 were as follows:


	December 31,
	2023		2022
	(In millions)
Face Value	$	1,094.0	$	1,247.0
Fair Value	$	1,085.8	$	1,167.0

Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property and Equipment [Line Items]
Property and equipment, gross	$ 487,800	$ 479,000
Less: accumulated depreciation and amortization	(325,900)	(333,700)
Property and equipment, net	161,891	145,277
Leaseholds and improvements
Property and Equipment [Line Items]
Property and equipment, gross	219,200	211,500
Properties under finance leases
Property and Equipment [Line Items]
Properties under finance leases	59,000	56,700
Equipment and fixtures
Property and Equipment [Line Items]
Property and equipment, gross	42,700	41,500
Buildings and improvements
Property and Equipment [Line Items]
Property and equipment, gross	51,300	51,300
Land
Property and Equipment [Line Items]
Property and equipment, gross	47,800	47,800
Internal-use software
Property and Equipment [Line Items]
Property and equipment, gross	64,600	52,600
Construction in progress
Property and Equipment [Line Items]
Property and equipment, gross	$ 3,200	$ 17,600

Business Acquisition - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 13, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill		$ 254,062	$ 253,956	$ 251,600	$ 251,600
Purchase price adjustment		$ 100
Fuzzy's
Business Acquisition [Line Items]
Consideration transferred	$ 80,000
Goodwill	$ 7,000
Fuzzy's \| Franchise agreements
Business Acquisition [Line Items]
Weighted average useful life (in years)	20 years

- Definition

+ References + Details

Current Expected Credit Losses ("CECL") - Components of Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Receivables
Accounts receivable	$ 68,000	$ 67,500
Gift card receivables	33,700	34,600
Notes receivable	14,900	17,200
Accounts and financing receivable, before allowance for credit loss	173,000	170,000
Less: allowance for doubtful accounts and notes receivable	(9,500)	(10,300)
Receivables, net	163,500	159,700
Less: current portion	(127,937)	(119,981)
Long-term receivables	35,600	39,700
Equipment leases receivable
Receivables
Financing receivables	19,700	26,600
Real estate leases receivable
Receivables
Financing receivables	18,400	18,500
Other receivables
Receivables
Financing receivables	$ 18,300	$ 5,600

Closure and Long-lived Tangible Asset Impairment Charges

12 Months Ended

Dec. 31, 2023

Restructuring Charges [Abstract]

Closure and Long-lived Tangible Asset Impairment Charges

Closure and long-lived tangible asset impairment charges for the years ended December 31, 2023, 2022 and 2021 were as follows:


	Year Ended December 31,
	2023		2022		2021
	(In millions)
Closure charges	$	1.6	$	1.7	$	3.7
Long-lived tangible asset impairment	2.0		1.4		1.7
Total closure and impairment charges	$	3.6	$	3.1	$	5.4

Closure Charges

The closure charges of $1.6 million for the year ended December 31, 2023 primarily related to revisions to existing closure reserves, including accretion, for approximately 40 IHOP restaurants closed prior to 2022.

The closure charges of $1.7 million for the year ended December 31, 2022 comprised of $1.3 million for revisions to existing closure reserves, including accretion for approximately 40 restaurants closed prior to 2021 and $0.4 million related to three IHOP restaurants closed in 2022. The closure charges of $3.7 million for the year ended December 31, 2021 comprised $2.1 million related to 20 IHOP restaurants closed in 2021 and $1.6 million for revisions to existing closure reserves, including accretion, primarily for 28 IHOP restaurants closed prior to 2020.

Long-lived Tangible Asset Impairment

The long-lived asset impairment of $2.0 million for the year ended December 31, 2023 primarily related to four IHOP subleased restaurants for which the carrying amount exceeded the future projected cash flows. The primary method of estimating fair value is based on a discounted cash flow analysis. The Company also considers factors such as the number of years the restaurant has been in operation, sales trends, cash flow trends, remaining lease life and other factors which apply on a case-by-case basis. For locations owned by the Company, current purchase offers, if any, or valuations from independent third party sources are utilized, if available. The analysis is performed at the restaurant level for indicators of permanent impairment. The impairment recorded represented the difference between the carrying value and the estimated fair value. The impairments primarily related to operating lease right-of-use assets.

The long-lived asset impairment of $1.4 million for the year ended December 31, 2022 related to five IHOP subleased restaurants for which the carrying amount exceeded the future projected cash flows. The long-lived asset impairment of $1.7 million for the year ended December 31, 2021 related to five IHOP subleased restaurants for which the carrying amount exceeded the future projected cash flows.

Current Expected Credit Losses ("CECL") - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) lease	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Operating lease, weighted average remaining lease term	5 years 10 months 24 days
Finance lease, weighted average remaining lease term	5 years 8 months 12 days
Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, interest rate	5.00%	5.30%
Notes Receivable \| Applebee's
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts and financing receivable, allowance for credit loss \| $	$ 6.5
Equipment Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Operating lease, weighted average remaining lease term	3 years 2 months 12 days
Equipment Receivables \| IHOP
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average interest rate	9.60%	9.80%
Lease Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of properties subject to ground leases \| lease	26
Finance lease, weighted average remaining lease term	11 years
Minimum \| Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, term	1 year
Maximum \| Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, term	8 years

Financing Obligations (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Finance Lease Liability Future Maturity

As of December 31, 2023, future minimum lease payments under financing obligations during the initial terms of the leases related to the sale-leaseback transactions are as follows:


Fiscal Years	(In millions)
2024	$	4.6
2025	4.6
2026	4.9
2027	4.6
2028	22.5
Thereafter	—
Total minimum lease payments	41.2
Less: interest	(12.8)
Total financing obligations	28.4
Less: current portion(1)	(1.4)
Long-term financing obligations	$	27.0

_________________________________

(1)Included in current maturities of finance lease and financing obligations on the consolidated balance sheets.

Future minimum lease payments under noncancellable leases as lessee as of December 31, 2023 were as follows:


	Finance Leases		Operating Leases
	(In millions)
2024	$	8.4	$	80.9
2025	7.2		71.5
2026	6.8		64.5
2027	5.7		45.9
2028	4.0		31.9
Thereafter	21.3		107.9
Total minimum lease payments	53.4		402.6
Less: interest/imputed interest	(13.1)		(70.0)
Total obligations	40.3		332.6
Less: current portion	(5.9)		(63.5)
Long-term lease obligations	$	34.4	$	269.1

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense on property equipment	$ 24.7	$ 27.4	$ 29.2
Accumulated amortization for properties under finance lease	$ 43.7	$ 45.3

Other Intangible Assets - Narrative (Details) $ in Millions	1 Months Ended	12 Months Ended
Other Intangible Assets - Narrative (Details) $ in Millions	Oct. 31, 2022 USD ($) restaurant	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) restaurant	Dec. 31, 2021 USD ($)
Finite-Lived Intangible Assets [Line Items]
Total intangible assets, disposition	$ 4.7		$ 4.7
Entity Operated Units \| Applebee's
Finite-Lived Intangible Assets [Line Items]
Number of restaurants sold \| restaurant	69		69
Franchising Rights
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired		$ 0.0	$ 14.8	$ 0.0
Recipes
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired			0.5
Tradenames
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets acquired		$ 0.0	$ 57.2	$ 0.0

Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Other Intangible Assets Roll Forward

Changes in the carrying amounts for the years ended December 31, 2023, 2022 and 2021 are as follows:


	Tradenames		Franchising Rights		Reacquired Franchise Rights		Favorable Leaseholds		Other		Total
	(In millions)




Balance at December 31, 2020	$	468.0	$	69.0	$	5.7	$	3.2	$	3.8	$	549.7

Amortization expense	—		(10.0)		(0.6)		(0.1)		—		(10.7)
Additions	—		—		—		—		0.4		0.4
Balance at December 31, 2021	468.0		59.0		5.1		3.1		4.2		539.4

Amortization expense	—		(10.0)		(0.4)		(0.1)		—		(10.6)
Additions	57.2		14.8		—		—		0.8		72.8
Disposition	—		—		(4.7)		—		—		(4.7)
Balance at December 31, 2022	525.2		63.8		—		3.0		5.0		597.0
Impairment	—		—		—		—		(0.3)		(0.3)
Amortization expense	—		(10.8)		—		(0.1)		0.0		(10.9)
Additions	—		—		—		—		0.2		0.2

Balance at December 31, 2023	$	525.2	$	53.0	$	—	$	2.9	$	4.9	$	586.0

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The estimated annual amortization expense for the next five fiscal years are as follows:


	Franchising rights		Favorable leaseholds		Other		Total
	(In millions)
2024	$	10.7	$	0.2	$	0.0	$	10.9
2025	10.7		0.2		$	0.0	$	10.9
2026	10.7		0.2		$	0.0	$	10.9
2027	9.8		0.2		$	0.0	$	10.0
2028	0.7		0.2		$	0.0	$	0.9

Schedule of Finite-Lived Intangible Assets by Major Class

Gross and net carrying amounts of intangible assets subject to amortization at December 31, 2023 and 2022 are as follows:


	December 31, 2023						December 31, 2022
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
	(In millions)
Franchising rights	$	214.8	$	(161.8)	$	53.0	$	214.8	$	(151.0)	$	63.8

Favorable leaseholds	3.4		(0.5)		2.9		$	3.4	$	(0.4)	3.0
Total	$	218.2	$	(162.2)	$	55.9	$	218.2	$	(151.4)	$	66.8

Income Taxes - Narrative (Details) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) restaurant	Dec. 31, 2021 USD ($)	Oct. 31, 2022 restaurant	Dec. 31, 2020 USD ($)
Income Tax Disclosure [Line Items]
Effective tax rate	13.00%	29.30%	19.70%
Valuation allowance	$ 4.4	$ 3.5
Operating loss carryforwards	127.8	37.9
Tax credit carryforward	7.4	3.4
Unrecognized tax benefits	3.5	2.1	$ 1.9		$ 2.2
Unrecognized tax benefit changes in next 12 months	0.4
Unrecognized tax benefits, interest on income taxes accrued	0.9	0.7
Unrecognized tax benefits, income tax penalties accrued	0.1	$ 0.1
State and Local Jurisdiction
Income Tax Disclosure [Line Items]
Income tax benefit due to income tax settlement	$ 15.1
Entity Operated Units \| Applebee's
Income Tax Disclosure [Line Items]
Number of restaurants sold \| restaurant		69		69

Long-Term Debt - Schedule of Debt Components (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Apr. 17, 2023	Dec. 31, 2022	Jun. 05, 2019
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (9,500)		$ (5,100)
Long-term debt, net of debt issuance costs	1,184,500		1,341,900
Current portion of long-term debt	(100,000)		(100,000)
Long-term debt, net, less current maturities	1,084,502		1,241,914
Series 2019-1 4.194% Fixed Rate Senior Secured Notes, Class A-2-I
Debt Instrument [Line Items]
Senior Notes	$ 0		$ 653,000
Debt interest rate (percent)	4.194%		4.194%	4.194%
Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II
Debt Instrument [Line Items]
Senior Notes	$ 594,000		$ 594,000
Debt interest rate (percent)	4.723%		4.723%	4.723%
Series 2022-1 Variable Funding Senior Secured Notes, Class A-1, variable interest rate of 7.95% and 7.29% at December 31, 2023 and December 31, 2022, respectively
Debt Instrument [Line Items]
Senior Notes	$ 100,000		$ 100,000
Debt interest rate (percent)	7.95%		7.29%
Series 2023-1 7.824% Fixed Rate Senior Secured Notes, Class A-2
Debt Instrument [Line Items]
Senior Notes	$ 500,000		$ 0
Debt interest rate (percent)	7.824%	7.824%

Leases - Components of Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finance lease cost:
Amortization of right-of-use assets	$ 2.5	$ 3.6	$ 4.6
Interest on lease liabilities	2.8	4.5	5.4
Operating lease cost	75.3	83.5	84.4
Variable lease cost	7.8	7.6	7.0
Short-term lease cost	0.0	0.0	0.1
Sublease income	(110.4)	(106.8)	(104.6)
Lease cost	$ (22.0)	$ (7.6)	$ (3.1)

Revenue - Disaggregation of Franchise Revenue by Major Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Franchise Revenues
Disaggregation of Revenue [Line Items]
Total franchise revenues	$ 706,365	$ 662,438	$ 631,936
Royalties
Disaggregation of Revenue [Line Items]
Total franchise revenues	325,643	303,724	292,372
Advertising fees
Disaggregation of Revenue [Line Items]
Total franchise revenues	300,796	289,328	274,790
Proprietary product sales and other
Disaggregation of Revenue [Line Items]
Total franchise revenues	71,058	60,749	51,250
Franchise and development fees
Disaggregation of Revenue [Line Items]
Total franchise revenues	$ 8,868	$ 8,637	$ 13,524

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
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+ Details

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment by category at December 31, 2023 and 2022 were as follows:


	2023		2022
	(In millions)
Leaseholds and improvements	$	219.2	$	211.5
Properties under finance leases	59.0		56.7
Equipment and fixtures	42.7		41.5
Buildings and improvements	51.3		51.3
Land	47.8		47.8
Internal-use software	64.6		52.6
Construction in progress	3.2		17.6
Property and equipment, gross	487.8		479.0
Less: accumulated depreciation and amortization	(325.9)		(333.7)
Property and equipment, net	$	161.9	$	145.3

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Information on segments and a reconciliation of gross profit to income before income taxes is as follows:


	Year Ended December 31,
	2023		2022		2021
			(In millions)
Revenues
Franchise operations	$	706.4	$	662.4	$	631.9
Rental operations	120.0		116.5		113.9
Company restaurants	2.1		126.9		146.0
Financing operations	2.6		3.6		4.3
Total	$	831.1	$	909.4	$	896.2

Gross profit (loss), by segment
Franchise operations	$	362.0	$	340.5	$	336.0
Rental operations	32.5		28.5		26.1
Company restaurants	0.0		5.1		9.3
Financing operations	2.2		3.2		3.8
Total gross profit	396.7		377.3		375.2
Corporate and unallocated expenses, net	(285.0)		(262.6)		(253.3)
Income before income taxes	$	111.7	$	114.8	$	121.9

Interest expense
Rental operations	$	4.0	$	4.3	$	4.9
Company restaurants	—		2.6		3.3
Corporate	70.0		60.7		63.3
Total	$	74.0	$	67.6	$	71.5

Depreciation and amortization
Franchise operations	$	9.8	$	10.0	$	10.1
Rental operations	10.5		10.7		11.1
Company restaurants	0.0		4.3		7.0
Corporate	15.3		13.0		11.7
Total	$	35.6	$	38.0	$	39.9

Goodwill and intangible assets, closure and other impairment charges
Franchise operations	$	1.6	$	3.1	$	1.7
Company restaurants	1.7		—		3.7
Corporate	0.3		—		—
Total	$	3.6	$	3.1	$	5.4

Capital expenditures

Company restaurants	$	0.3	$	4.3	$	6.5
Corporate	36.9		31.0		10.3
Total	$	37.2	$	35.3	$	16.8


	Year Ended December 31,
	2023		2022		2021
			(In millions)

Goodwill
Franchise operations	$	254.1	$	254.0	$	247.0
Company restaurants	—		—		4.6
Total	$	254.1	$	254.0	$	251.6

Total assets
Franchise operations	$	1,090.2	$	1,123.0	$	991.0
Rental operations	375.3		390.6		426.6
Company restaurants	1.4		3.3		117.2
Financing operations	25.4		31.8		39.7
Corporate	248.0		332.8		424.9
Total	$	1,740.3	$	1,881.5	$	1,999.4