0000049754-22-000012 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2022	Apr. 27, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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	450 North Brand Boulevard,
Entity Address, City or Town	Glendale,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91203-2346
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Small Reporting Company	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		16,751,012
Entity Central Index Key	0000049754
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 294,738	$ 361,412
Receivables, net of allowance of $4,490 (2022) and $4,959 (2021)	94,009	119,968
Restricted cash	47,168	47,541
Prepaid gift card costs	23,981	28,175
Prepaid income taxes	6,867	10,529
Other current assets	10,092	6,728
Total current assets	476,855	574,353
Other intangible assets, net	536,812	539,390
Operating lease right-of-use assets	329,895	335,428
Goodwill	251,628	251,628
Property and equipment, net	175,515	179,411
Long-term receivables, net of allowance of $6,319 (2022) and $6,897 (2021)	42,651	42,493
Deferred rent receivable	48,280	50,257
Non-current restricted cash	16,400	16,400
Other non-current assets, net	10,247	10,006
Total assets	1,888,283	1,999,366
Current liabilities:
Accounts payable	38,421	55,956
Gift card liability	137,123	165,530
Current maturities of operating lease obligations	72,451	72,079
Current maturities of finance lease and financing obligations	10,692	10,693
Accrued employee compensation and benefits	14,240	40,785
Accrued advertising	40,681	33,752
Dividends payable	0	6,919
Deferred franchise revenue, short-term	7,028	7,246
Other accrued expenses	14,134	17,770
Total current liabilities	334,770	410,730
Long-term debt	1,280,182	1,279,623
Operating lease obligations, less current maturities	313,634	320,848
Finance lease obligations, less current maturities	61,223	59,625
Financing obligations, less current maturities	30,147	31,967
Deferred income taxes, net	73,634	76,228
Deferred franchise revenue, long-term	45,141	46,100
Other non-current liabilities	14,724	17,052
Total liabilities	2,153,455	2,242,173
Commitments and contingencies
Stockholders’ deficit:
Preferred stock, $1 par value, 10,000,000 shares authorized; no shares issued or outstanding	0	0
Common stock, $0.01 par value; shares: 40,000,000 authorized; March 31, 2022 - 24,991,163 issued, 16,746,028 outstanding; December 31, 2021 - 24,992,275 issued, 17,163,946 outstanding	250	250
Additional paid-in-capital	250,150	256,189
Retained earnings	52,516	35,415
Accumulated other comprehensive loss	(60)	(59)
Treasury stock, at cost; shares: March 31, 2022 - 8,245,135; December 31, 2021 - 7,828,329	(568,028)	(534,602)
Total stockholders’ deficit	(265,172)	(242,807)
Total liabilities and stockholders’ deficit	$ 1,888,283	$ 1,999,366

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Receivables, allowance for credit loss	$ 4,490	$ 4,959
Long-term receivables, allowance for credit loss	$ 6,319	$ 6,897
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)	24,991,163	24,992,275
Common stock, shares outstanding (in shares)	16,746,028	17,163,946
Treasury stock, shares (in shares)	8,245,135	7,828,329

Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Rental revenues	$ 28,807	$ 26,142
Total revenues	230,423	204,199
Cost of revenues:
Franchise expenses	78,032	64,943
Company restaurant expenses	37,408	32,884
Interest expense from finance leases	768	962
Other rental expenses	21,355	19,996
Total rental expenses	22,123	20,958
Financing expenses	107	128
Total cost of revenues	137,670	118,913
Gross profit	92,753	85,286
General and administrative expenses	41,548	39,911
Interest expense, net	15,533	16,496
Closure and impairment charges	146	2,010
Amortization of intangible assets	2,665	2,688
(Gain) loss on disposition of assets	(1,296)	167
Income before income taxes	34,157	24,014
Income tax (provision) benefit	(9,307)	1,589
Net income	24,850	25,603
Other comprehensive income net of tax:
Foreign currency translation adjustment	(1)	(1)
Total comprehensive income	24,849	25,602
Net income available to common stockholders:
Net income	24,850	25,603
Less: Net income allocated to unvested participating restricted stock	(598)	(548)
Net income available to common stockholders	$ 24,252	$ 25,055
Net income available to common stockholders per share:
Basic (USD per share)	$ 1.45	$ 1.52
Diluted (USD per share)	$ 1.45	$ 1.51
Weighted average shares outstanding:
Basic (in shares)	16,722	16,460
Diluted (in shares)	16,758	16,630
Franchise Revenue:
Revenues:
Revenue from contract with customer	$ 161,232	$ 140,976
Royalties, franchise fees and other
Revenues:
Revenue from contract with customer	90,349	80,091
Advertising revenues
Revenues:
Revenue from contract with customer	70,883	60,885
Company restaurant sales
Revenues:
Revenue from contract with customer	39,416	35,949
Financing revenues
Revenues:
Revenue from contract with customer	968	1,132
Advertising fees
Revenues:
Revenue from contract with customer	70,883	60,885
Cost of revenues:
Franchise expenses	70,883	60,885
Bad debt credit
Cost of revenues:
Franchise expenses	(299)	(1,993)
Other franchise expenses
Cost of revenues:
Franchise expenses	$ 7,448	$ 6,051

Consolidated Statements of Stockholders' Deficit - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock, shares (in shares)						8,430,000
Common stock, beginning balance (in shares) at Dec. 31, 2020		16,452,000
Stockholders' equity balance, beginning of the period at Dec. 31, 2020	$ (354,651)	$ 249	$ 257,625	$ (55,553)	$ (55)	$ (556,917)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	25,603			25,603
Other comprehensive gain (loss)	(1)				(1)
Reissuance of treasure stock (in shares)		(539,000)				(539,000)
Reissuance of treasury stock	19,484	$ 1	(2,290)			$ 21,773
Net use of shares for stock plans (in shares)		166,000
Repurchase of restricted shares for taxes (in shares)		(15,000)
Repurchase of restricted shares for taxes	(1,220)		(1,220)
Stock-based compensation	3,094		3,094
Tax payments for share settlement of restricted stock units	(9,711)		(9,711)
Common stock, ending balance (in shares) at Mar. 31, 2021		17,142,000
Stockholders' equity balance, ending of the period at Mar. 31, 2021	$ (317,402)	$ 250	247,498	(29,950)	(56)	$ (535,144)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock, shares (in shares)						7,891,000
Treasury stock, shares (in shares)	7,828,329					7,828,000
Common stock, beginning balance (in shares) at Dec. 31, 2021	17,163,946	17,164,000
Stockholders' equity balance, beginning of the period at Dec. 31, 2021	$ (242,807)	$ 250	256,189	35,415	(59)	$ (534,602)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	24,850			24,850
Other comprehensive gain (loss)	(1)				(1)
Purchase of Company common stock (in shares)		(588,000)				(588,000)
Purchase of Company common stock	$ (41,445)					$ (41,445)
Reissuance of treasure stock (in shares)	(171,302)	(171,000)				(171,000)
Reissuance of treasury stock	$ 241		(7,778)			$ 8,019
Net use of shares for stock plans (in shares)		22,000
Repurchase of restricted shares for taxes (in shares)		(23,000)
Repurchase of restricted shares for taxes	(1,745)		(1,745)
Stock-based compensation	4,341		4,341
Dividends on common stock	(7,653)		96	(7,749)
Tax payments for share settlement of restricted stock units	$ (953)		(953)
Common stock, ending balance (in shares) at Mar. 31, 2022	16,746,028	16,746,000
Stockholders' equity balance, ending of the period at Mar. 31, 2022	$ (265,172)	$ 250	$ 250,150	$ 52,516	$ (60)	$ (568,028)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock, shares (in shares)	8,245,135					8,245,000

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 24,850	$ 25,603
Adjustments to reconcile net income to cash flows (used in) provided by operating activities:
Non-cash closure and impairment charges	45	1,959
Depreciation and amortization	9,938	9,995
Non-cash stock-based compensation expense	4,341	3,094
Non-cash interest expense	714	712
Deferred income taxes	(873)	(8,267)
Deferred revenue	(1,177)	(1,565)
(Gain) loss on disposition of assets	(1,296)	167
Other	(1,766)	1,058
Changes in operating assets and liabilities:
Accounts receivable, net	(3,567)	(4,323)
Deferred rent receivable	1,977	1,736
Current income tax receivables and payables	2,352	(552)
Gift card receivables and payables	(2,180)	(3,246)
Other current assets	(3,365)	(3,072)
Accounts payable	(11,683)	809
Operating lease assets and liabilities	(2,909)	(4,374)
Accrued employee compensation and benefits	(26,646)	(6,968)
Accrued advertising	6,929	22,836
Other current liabilities	(3,474)	(5,037)
Cash flows (used in) provided by operating activities	(7,790)	30,565
Cash flows from investing activities:
Principal receipts from notes, equipment contracts and other long-term receivables	4,848	4,651
Net additions to property and equipment	(5,298)	(2,357)
Proceeds from sale of property and equipment	2,862	946
Additions to long-term receivables	(669)	0
Other	(30)	(110)
Cash flows provided by investing activities	1,713	3,130
Cash flows from financing activities:
Repayment of long-term debt	0	(3,250)
Repayment of revolving credit facility	0	(220,000)
Dividends paid on common stock	(14,588)	0
Repurchase of common stock	(41,585)	0
Principal payments on finance lease obligations	(2,340)	(2,621)
Proceeds from stock options exercised	241	19,484
Repurchase of restricted stock for tax payments upon vesting	(1,745)	(1,220)
Tax payments for share settlement of restricted stock units	(953)	(9,711)
Cash flows used in financing activities	(60,970)	(217,318)
Net change in cash, cash equivalents and restricted cash	(67,047)	(183,623)
Cash, cash equivalents and restricted cash at beginning of period	425,353	456,053
Cash, cash equivalents and restricted cash at end of period	358,306	272,430
Supplemental disclosures:
Interest paid in cash	15,869	17,240
Income taxes paid in cash	7,945	7,441
Non-cash conversion of accounts receivable to notes receivable	$ 0	$ 1,269

General	3 Months Ended
General	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General The accompanying unaudited consolidated financial statements of Dine Brands Global, Inc. (the “Company” or “Dine Brands Global”) have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the twelve months ending December 31, 2022. The consolidated balance sheet at December 31, 2021 has been derived from the audited consolidated financial statements at that date but does not include all of information and footnotes required by U.S. GAAP for complete financial statements. These consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The Company’s fiscal quarters end on the Sunday closest to the last day of each calendar quarter. For convenience, the fiscal quarters of each year are referred to as ending on March 31, June 30, September 30 and December 31. The first fiscal quarter of 2022 began on January 3, 2022 and ended on April 3, 2022. The first fiscal quarter of 2021 began on January 4, 2021 and ended on April 4, 2021. The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries that are consolidated in accordance with U.S. GAAP. All intercompany balances and transactions have been eliminated. The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make assumptions and estimates 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 may include the calculation and assessment of the following: impairment of goodwill, other intangible assets and tangible assets; income taxes; allowance for credit losses on 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. Risks and Uncertainties The Company was subject to risks and uncertainties as a result of the continuing outbreak of a novel strain of coronavirus, designated “COVID-19,” and evolving variants thereof. The extent of the continued impact of the COVID-19 pandemic on the Company's business remains uncertain and difficult to predict, as measures taken in response to and the effect of the pandemic have varied and continue to vary by country, state and municipalities within states. The Company first began to experience impacts from the COVID-19 pandemic in March 2020, as federal, state, local and international governments reacted to the public health crisis by encouraging social distancing and requiring, in varying degrees, restaurant dine-in limitations and other restrictions that largely limited the restaurants of the Company's franchisees and its company-operated restaurants to take-out and delivery sales during the initial stages of the pandemic. Subsequently, government-imposed dine-in restrictions have been relaxed or removed in many of the locations in which the Company operates as incidents of infection decline and vaccination rates increase within the respective governmental jurisdictions. As of March 31, 2022, substantially all domestic Applebee's and IHOP restaurants were open and operating without government-mandated restrictions. The severity of the continued impact of the COVID-19 pandemic on the Company's business will depend on a number of factors, including, but not limited to, how long the pandemic will last, whether/when recurrences of the virus and variants of the virus may arise, the availability and acceptance of vaccines, what restrictions on in-restaurant dining may be imposed or re-imposed, the timing and extent of customer re-engagement with the Company's brands and, in general, what the short- and long-term impact on consumer discretionary spending the COVID-19 pandemic might have on the Company and the restaurant industry as a whole, all of which are uncertain and cannot be predicted. The Company's future results of operations and liquidity could adversely be impacted by the resurgence of outbreaks of the virus and its variants that result in the re-imposition of dine-in restrictions, as well as the success of any initiatives or programs that the Company may undertake to address financial and operational challenges faced by itself and its franchisees. As such, the extent to which the COVID-19 pandemic may continue to materially impact the Company's financial condition, liquidity, or results of operations remains highly uncertain.

Accounting Standards Adopted and Newly Issued Accounting Standards Not Yet Adopted	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Accounting Standards Adopted and Newly Issued Accounting Standards Not Yet Adopted	Accounting Standards Adopted and Newly Issued Accounting Standards Not Yet Adopted Accounting Standards Adopted in the Current Fiscal Year In July 2021, the Financial Accounting Standards Board (“FASB”) issued guidance which affect lessors with lease contracts that (i) have variable lease payments that do not depend on a reference index or a rate and (ii) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing. The amendments are effective for fiscal years beginning after December 15, 2021. 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 2022 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 March 2020, with an update in January 2021, the FASB issued guidance which provides optional expedients and exceptions for applying current U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The guidance can be adopted immediately and is applicable to contracts entered into on or before December 31, 2022. The Company is currently evaluating its contracts that reference LIBOR and the potential effects of adopting this new guidance. The Company reviewed all other newly issued accounting pronouncements and concluded that they either are not applicable to the Company's operations or that no material effect is expected on the Company's financial statements when adoption is required in the future.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Revenue Disclosures

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue Disclosures

Franchise revenue and revenue from company-operated restaurants are recognized in accordance with current guidance for revenue recognition as codified in Accounting Standards Topic 606 (“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.

Franchising Activities

The Company owns, franchises and operates the Applebee's Neighborhood Grill & Bar® (“Applebee's”) concept in the casual dining category of the restaurant industry and the Company owns and franchises the International House of Pancakes® (“IHOP”) concept in the family dining category of the restaurant industry. The franchise arrangement for both 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 brands 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 respective 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 both 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. 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 revenue 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 revenue are recognized when the franchisee's reported sales occur. Depending on timing within a fiscal period, the recognition of revenue results in either what is considered a contract asset (unbilled receivable) or once billed, accounts receivable, and are included in “receivables, net” in the Consolidated Balance Sheets.

•Revenue from the sale 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 an accounts receivable included in “receivables, net” in the Consolidated Balance Sheets.

In determining the amount and timing of revenue from contracts with customers, the Company exercises significant judgment with respect to collectability of the amount; however, the timing of recognition does not require significant judgments as it is based on either the term of the franchise agreement, the month of reported sales 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 franchising activities. The Company's franchising arrangements do not contain a significant financing component.

Company Restaurant Revenue

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.

The following table disaggregates franchise revenue by major type for the three months ended March 31, 2022 and 2021:


	Three Months Ended
	March 31,
		2022		2021
		(In thousands)
Franchise Revenue:
Royalties		$	75,242	$	65,767
Advertising fees		70,883		60,885
Pancake and waffle dry mix sales and other		12,931		10,890
Franchise and development fees		2,176		3,434
Total franchise revenue		$	161,232	$	140,976

Accounts and other receivables from franchisees as of March 31, 2022 and December 31, 2021 were $68.7 million (net of allowance of $0.7 million) and $66.0 million (net of allowance of $1.1 million), respectively, and were included in receivables, net in the Consolidated Balance Sheets.

Changes in the Company's contract liability for deferred franchise and development fees during the three months ended March 31, 2022 were as follows:


	Deferred Franchise Revenue (short- and long-term)
	(In thousands)
Balance at December 31, 2021	$	53,346
Recognized as revenue during the three months ended March 31, 2022	(2,049)
Fees deferred during the three months ended March 31, 2022	872
Balance at March 31, 2022	$	52,169

The balance of deferred revenue as of March 31, 2022 is expected to be recognized as follows:


	(In thousands)
2022 (remaining nine months)	$	5,271
2023	6,915
2024	6,259
2025	5,473
2026	4,653
Thereafter	23,598
Total	$	52,169

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Current Expected Credit Losses ("CECL")

3 Months Ended

Mar. 31, 2022

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. The Company records 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 Company's CECL methodology that assesses four components - historical losses, current conditions, reasonable and supportable forecasts, and a reversion to history, if applicable.

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 past due 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 and IHOP franchise fee and other notes. The notes are typically collateralized by the franchise. A significant portion of these notes have specific reserves recorded against them amounting to $9.8 million as of March 31, 2022.

Equipment Leases Receivable

Equipment leases receivable relate to IHOP franchise development activity prior to 2003 when IHOP typically leased or purchased the restaurant site, built and equipped the restaurant, then franchised the restaurant to a franchisee. Equipment lease contracts are collateralized by the equipment in the restaurant. 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. The weighted average remaining life of the Company’s equipment leases is 3.1 years as of March 31, 2022.

Real Estate Leases Receivable

Real estate leases receivable relate to IHOP franchise development activity prior to 2003. IHOP provided the financing for leasing or subleasing the site. Real estate leases at March 31, 2022, comprised 68 leases with a weighted average remaining life of 6.7 years, and relate to locations that IHOP is leasing from third parties and subleasing to franchisees.

Distributor Receivables

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


	March 31, 2022		December 31, 2021
	(In millions)
Accounts receivable	$	66.0	$	63.6
Gift card receivables	5.3		33.4
Notes receivable	18.8		19.7
Financing receivables:
Equipment leases receivable	31.8		33.4
Real estate leases receivable	17.7		16.7


Other	7.9		7.6
	147.5		174.4
Less: allowance for credit losses	(10.8)		(11.9)
	136.7		162.5
Less: current portion	(94.0)		(120.0)
Long-term receivables	$	42.7	$	42.5

The Company's primary credit quality indicator for all portfolio segments is delinquency. Changes in the allowance for credit losses during the three months ended March 31, 2022 were as follows:



	Accounts Receivable		Notes receivable, short-term		Notes receivable, long-term		Lease Receivables		Equipment Notes		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)		0.1		(0.3)		(0.0)		0.0		0.0		(0.3)
Advertising provision adjustment	(0.0)		(0.0)		(0.2)		—		—		—		(0.2)
Write-offs	(0.2)		(0.3)		—		—		—		(0.2)		(0.7)
Recoveries	0.1		—		—		—		0.0		—		0.1
Balance, March 31, 2022	$	0.8	$	3.6	$	6.1	$	0.2	$	0.1	$	0.0	$	10.8

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

The delinquency status of receivables (other than accounts receivable, gift card receivables and distributor receivables) at March 31, 2022 was as follows:



	Notes receivable, short-term		Notes receivable, long-term		Lease Receivables		Equipment Notes		Other (1)		Total
	(In millions)
Current	$	4.5	$	12.7	$	17.7	$	31.8	$	2.6	$	69.3
30-59 days	0.1		—		—		—		—		0.1
60-89 days	0.0		—		—		—		—		0.0
90-119 days	0.0		—		—		—		—		0.0
120+ days	1.5		—		—		—		—		1.5
Total	$	6.1	$	12.7	$	17.7	$	31.8	$	2.6	$	70.9

(1) Primarily credit card receivables

The year of origination of the Company's notes receivable and financing receivables is as follows:



	Notes receivable, short and long-term		Lease Receivables		Equipment Notes		Total
	(In millions)
2022	$	0.3	$	2.9	$	—	$	3.2
2021	12.2		2.6		—		14.8
2020	0.5		1.4		—		1.9
2019	0.2		0.8		—		1.0
2018	—		—		—		0.0
2017	5.5		—		—		5.5
Prior	0.1		10.0		31.8		41.9
Total	$	18.8	$	17.7	$	31.8	$	68.3

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

- Definition

The entire disclosure for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security.

+ References + Details

Lease Disclosures

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Lease Disclosures

Lease Disclosures The Company engages in leasing activity as both a lessee and a lessor. The Company currently leases from third parties the real property on which approximately 540 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 approximately 50 IHOP restaurants and one Applebee's restaurant. The Company leases from third parties the real property on which 69 Applebee's company-operated restaurants are located. The Company also leases office space for its principal corporate office in Glendale, California and restaurant support centers in Leawood, Kansas and Raleigh, North Carolina. 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. Approximately 260 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 during the three months ended March 31, 2022. Approximately 40 of the leases met the sales levels that required variable rent payments by the Company (as lessee), based on a percentage of restaurant sales during the three months ended March 31, 2022.

The Company's lease cost for the three months ended March 31, 2022 and 2021 was as follows:


	Three months ended March 31,
			2022		2021
		(In millions)
Finance lease cost:
Amortization of right-of-use assets			$	1.1	$	1.2
Interest on lease liabilities			1.3		1.5
Operating lease cost(1)			21.1		21.3
Variable lease cost			1.7		0.3
Short-term lease cost			0.0		0.0
Sublease income			(26.4)		(24.2)
Lease (income) cost			$	(1.2)	$	0.1

(1)Operating lease cost for the three months ended March 31, 2021 previously disclosed as $25.1 million was overstated due to the inclusion of certain finance lease activity. The correct operating lease cost for the three months ended March 31, 2021 was $21.3 million as reflected in the above table. The overstatement only impacted this note disclosure, and there was no impact to the Consolidated Statement of Comprehensive Income.

Future minimum lease payments under noncancelable leases as lessee as of March 31, 2022 were as follows:


	Finance Leases		Operating Leases
	(In millions)
2022 (remaining nine months)	$	10.8	$	69.2
2023	11.9		77.8
2024	10.2		73.3
2025	8.5		60.7
2026	7.9		51.2
Thereafter	48.4		135.4
Total minimum lease payments	97.7		467.6
Less: interest/imputed interest	(26.6)		(81.5)
Total obligations	71.1		386.1
Less: current portion	(9.9)		(72.5)
Long-term lease obligations	$	61.2	$	313.6

The weighted average remaining lease term as of March 31, 2022 was 9.9 years for finance leases and 6.7 years for operating leases. The weighted average discount rate as of March 31, 2022 was 10.0% for finance leases and 5.5% for operating leases.

During the three months ended March 31, 2022 and 2021, the Company made the following cash payments for leases:


	Three months ended March 31,
		2022		2021
		(In millions)
Principal payments on finance lease obligations		$	2.3	$	2.6
Interest payments on finance lease obligations		$	1.3	$	1.5
Payments on operating leases		$	23.0	$	23.0
Variable lease payments		$	2.1	$	0.3

The Company's income from operating leases for the three months ended March 31, 2022 and 2021 was as follows:


	Three months ended March 31,
			2022		2021
		(In millions)
Minimum lease payments			$	24.4	$	23.8
Variable lease income			3.9		1.6
Total operating lease income			$	28.3	$	25.4

Minimum payments to be received as lessor under noncancelable operating leases as of March 31, 2022 were as follows:



	(In millions)
2022 (remaining nine months)	$	76.8
2023	98.6
2024	90.2
2025	77.2
2026	62.9
Thereafter	133.9
Total minimum rents receivable	$	539.6

The Company's income from real estate leases for the three months ended March 31, 2022 and 2021 was as follows:


	Three months ended March 31,
			2022		2021
		(In millions)
Interest income			$	0.4	$	0.6
Variable lease income			0.1		0.1
Total real estate lease income			$	0.5	$	0.7

Minimum payments to be received as lessor under noncancelable real estate leases as of March 31, 2022 were as follows:



	(In millions)
2022 (remaining nine months)	$	5.3
2023	3.6
2024	1.4
2025	0.7
2026	0.6
Thereafter	2.6
Total minimum rents receivable	14.2
Less: unearned income	(2.1)
Total net investment in real estate leases	12.1
Less: current portion	(5.7)
Long-term investment in real estate leases	$	6.4

Lease Disclosures

The Company's lease cost for the three months ended March 31, 2022 and 2021 was as follows:


	Three months ended March 31,
			2022		2021
		(In millions)
Finance lease cost:
Amortization of right-of-use assets			$	1.1	$	1.2
Interest on lease liabilities			1.3		1.5
Operating lease cost(1)			21.1		21.3
Variable lease cost			1.7		0.3
Short-term lease cost			0.0		0.0
Sublease income			(26.4)		(24.2)
Lease (income) cost			$	(1.2)	$	0.1

Future minimum lease payments under noncancelable leases as lessee as of March 31, 2022 were as follows:


	Finance Leases		Operating Leases
	(In millions)
2022 (remaining nine months)	$	10.8	$	69.2
2023	11.9		77.8
2024	10.2		73.3
2025	8.5		60.7
2026	7.9		51.2
Thereafter	48.4		135.4
Total minimum lease payments	97.7		467.6
Less: interest/imputed interest	(26.6)		(81.5)
Total obligations	71.1		386.1
Less: current portion	(9.9)		(72.5)
Long-term lease obligations	$	61.2	$	313.6

During the three months ended March 31, 2022 and 2021, the Company made the following cash payments for leases:


	Three months ended March 31,
		2022		2021
		(In millions)
Principal payments on finance lease obligations		$	2.3	$	2.6
Interest payments on finance lease obligations		$	1.3	$	1.5
Payments on operating leases		$	23.0	$	23.0
Variable lease payments		$	2.1	$	0.3

The Company's income from operating leases for the three months ended March 31, 2022 and 2021 was as follows:


	Three months ended March 31,
			2022		2021
		(In millions)
Minimum lease payments			$	24.4	$	23.8
Variable lease income			3.9		1.6
Total operating lease income			$	28.3	$	25.4

Minimum payments to be received as lessor under noncancelable operating leases as of March 31, 2022 were as follows:



	(In millions)
2022 (remaining nine months)	$	76.8
2023	98.6
2024	90.2
2025	77.2
2026	62.9
Thereafter	133.9
Total minimum rents receivable	$	539.6

The Company's income from real estate leases for the three months ended March 31, 2022 and 2021 was as follows:


	Three months ended March 31,
			2022		2021
		(In millions)
Interest income			$	0.4	$	0.6
Variable lease income			0.1		0.1
Total real estate lease income			$	0.5	$	0.7

Minimum payments to be received as lessor under noncancelable real estate leases as of March 31, 2022 were as follows:



	(In millions)
2022 (remaining nine months)	$	5.3
2023	3.6
2024	1.4
2025	0.7
2026	0.6
Thereafter	2.6
Total minimum rents receivable	14.2
Less: unearned income	(2.1)
Total net investment in real estate leases	12.1
Less: current portion	(5.7)
Long-term investment in real estate leases	$	6.4

Lease Disclosures

The Company's lease cost for the three months ended March 31, 2022 and 2021 was as follows:


	Three months ended March 31,
			2022		2021
		(In millions)
Finance lease cost:
Amortization of right-of-use assets			$	1.1	$	1.2
Interest on lease liabilities			1.3		1.5
Operating lease cost(1)			21.1		21.3
Variable lease cost			1.7		0.3
Short-term lease cost			0.0		0.0
Sublease income			(26.4)		(24.2)
Lease (income) cost			$	(1.2)	$	0.1

Future minimum lease payments under noncancelable leases as lessee as of March 31, 2022 were as follows:


	Finance Leases		Operating Leases
	(In millions)
2022 (remaining nine months)	$	10.8	$	69.2
2023	11.9		77.8
2024	10.2		73.3
2025	8.5		60.7
2026	7.9		51.2
Thereafter	48.4		135.4
Total minimum lease payments	97.7		467.6
Less: interest/imputed interest	(26.6)		(81.5)
Total obligations	71.1		386.1
Less: current portion	(9.9)		(72.5)
Long-term lease obligations	$	61.2	$	313.6

During the three months ended March 31, 2022 and 2021, the Company made the following cash payments for leases:


	Three months ended March 31,
		2022		2021
		(In millions)
Principal payments on finance lease obligations		$	2.3	$	2.6
Interest payments on finance lease obligations		$	1.3	$	1.5
Payments on operating leases		$	23.0	$	23.0
Variable lease payments		$	2.1	$	0.3

The Company's income from operating leases for the three months ended March 31, 2022 and 2021 was as follows:


	Three months ended March 31,
			2022		2021
		(In millions)
Minimum lease payments			$	24.4	$	23.8
Variable lease income			3.9		1.6
Total operating lease income			$	28.3	$	25.4

Minimum payments to be received as lessor under noncancelable operating leases as of March 31, 2022 were as follows:



	(In millions)
2022 (remaining nine months)	$	76.8
2023	98.6
2024	90.2
2025	77.2
2026	62.9
Thereafter	133.9
Total minimum rents receivable	$	539.6

The Company's income from real estate leases for the three months ended March 31, 2022 and 2021 was as follows:


	Three months ended March 31,
			2022		2021
		(In millions)
Interest income			$	0.4	$	0.6
Variable lease income			0.1		0.1
Total real estate lease income			$	0.5	$	0.7

Minimum payments to be received as lessor under noncancelable real estate leases as of March 31, 2022 were as follows:



	(In millions)
2022 (remaining nine months)	$	5.3
2023	3.6
2024	1.4
2025	0.7
2026	0.6
Thereafter	2.6
Total minimum rents receivable	14.2
Less: unearned income	(2.1)
Total net investment in real estate leases	12.1
Less: current portion	(5.7)
Long-term investment in real estate leases	$	6.4

Lease Disclosures

The Company's lease cost for the three months ended March 31, 2022 and 2021 was as follows:


	Three months ended March 31,
			2022		2021
		(In millions)
Finance lease cost:
Amortization of right-of-use assets			$	1.1	$	1.2
Interest on lease liabilities			1.3		1.5
Operating lease cost(1)			21.1		21.3
Variable lease cost			1.7		0.3
Short-term lease cost			0.0		0.0
Sublease income			(26.4)		(24.2)
Lease (income) cost			$	(1.2)	$	0.1

Future minimum lease payments under noncancelable leases as lessee as of March 31, 2022 were as follows:


	Finance Leases		Operating Leases
	(In millions)
2022 (remaining nine months)	$	10.8	$	69.2
2023	11.9		77.8
2024	10.2		73.3
2025	8.5		60.7
2026	7.9		51.2
Thereafter	48.4		135.4
Total minimum lease payments	97.7		467.6
Less: interest/imputed interest	(26.6)		(81.5)
Total obligations	71.1		386.1
Less: current portion	(9.9)		(72.5)
Long-term lease obligations	$	61.2	$	313.6

During the three months ended March 31, 2022 and 2021, the Company made the following cash payments for leases:


	Three months ended March 31,
		2022		2021
		(In millions)
Principal payments on finance lease obligations		$	2.3	$	2.6
Interest payments on finance lease obligations		$	1.3	$	1.5
Payments on operating leases		$	23.0	$	23.0
Variable lease payments		$	2.1	$	0.3

The Company's income from operating leases for the three months ended March 31, 2022 and 2021 was as follows:


	Three months ended March 31,
			2022		2021
		(In millions)
Minimum lease payments			$	24.4	$	23.8
Variable lease income			3.9		1.6
Total operating lease income			$	28.3	$	25.4

Minimum payments to be received as lessor under noncancelable operating leases as of March 31, 2022 were as follows:



	(In millions)
2022 (remaining nine months)	$	76.8
2023	98.6
2024	90.2
2025	77.2
2026	62.9
Thereafter	133.9
Total minimum rents receivable	$	539.6

The Company's income from real estate leases for the three months ended March 31, 2022 and 2021 was as follows:


	Three months ended March 31,
			2022		2021
		(In millions)
Interest income			$	0.4	$	0.6
Variable lease income			0.1		0.1
Total real estate lease income			$	0.5	$	0.7

Minimum payments to be received as lessor under noncancelable real estate leases as of March 31, 2022 were as follows:



	(In millions)
2022 (remaining nine months)	$	5.3
2023	3.6
2024	1.4
2025	0.7
2026	0.6
Thereafter	2.6
Total minimum rents receivable	14.2
Less: unearned income	(2.1)
Total net investment in real estate leases	12.1
Less: current portion	(5.7)
Long-term investment in real estate leases	$	6.4

Long-Term Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Long-Term Debt

At March 31, 2022 and December 31, 2021, long-term debt consisted of the following:


	March 31, 2022		December 31, 2021
	(In millions)
Series 2019-1 4.194% Fixed Rate Senior Secured Notes, Class A-2-I	$	693.0	$	693.0
Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II	594.0		594.0

Debt issuance costs	(6.8)		(7.4)
Long-term debt, net of debt issuance costs	1,280.2		1,279.6
Current portion of long-term debt	—		—
Long-term debt	$	1,280.2	$	1,279.6

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 (“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 (“Class A-2-II Notes”) in an initial aggregate

principal amount of $600 million (the “Class A-2-II Notes” and, together with the 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.

The Co-Issuers also entered into a revolving financing facility, the 2019-1 Variable Funding Senior Notes, Class A-1 (the “Credit Facility”), that allows for drawings up to $225 million of variable funding notes and the issuance of letters of credit. The Credit Facility and the 2019 Class A-2 Notes are referred to collectively herein as the “New Notes.” The New Notes were issued in a securitization transaction 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 New Notes.

The New Notes were issued under a Base Indenture, dated as of September 30, 2014, and amended and restated as of June 5, 2019 (the “Base Indenture”), and 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 Base Indenture and the Series 2019-1 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 legal final maturity of the 2019 Class A-2 Notes is June 2049, but rapid amortization will apply if the Class A-2-I Notes are not repaid by June 2024 (the “Class A-2-I Anticipated Repayment Date”) and for the Class A-2-II Notes if not repaid by June 2026 (the “Class A-2-II Anticipated Repayment Date”). If the Co-Issuers have not repaid or refinanced the Class A-2-I Notes by the Class A-2-I Anticipated Repayment Date or the Class A-2-II Notes by the Class A-2-II Anticipated Repayment Date, then additional interest will accrue on the Class A-2-I Notes and the 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 Series 2019-1 Class A-2 Note interest rate: (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis) on the applicable anticipated repayment date of the United States Treasury Security having a term closest to 10 years plus (y) 5.0%, plus (z) 2.15% for the Series 2019-1 Class A-2-I Notes and 2.64% for the Series 2019-1 Class A-2-II Notes.

While the 2019 Class A-2 Notes are outstanding, payment of principal and interest is required to be made on the 2019 Class A-2 Notes on a quarterly basis. The quarterly principal payment of $3.25 million on the 2019 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. Exceeding the leverage ratio of 5.25x does not violate any covenant related to the New 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 March 31, 2022, the Company's leverage ratio was 4.05x. As a result, quarterly principal payments on the 2019 Class A-2 Notes of $3.25 million currently are not required.

The Company may voluntarily repay the 2019 Class A-2 Notes at any time; however, if the 2019 Class A-2 Notes are repaid prior to certain dates, the Company would be required to pay make-whole premiums. As of March 31, 2022, the make-whole premium associated with voluntary prepayment of the Class A-2-I Notes was approximately $3 million; this amount declines progressively each quarter to zero in June 2022. As of March 31, 2022, the make-whole premium associated with voluntary prepayment of the Class A-2-II Notes was approximately $18 million; this amount declines progressively each quarter to zero in June 2024. The Company would also 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 New Notes that must be bifurcated for separate valuation. The Company estimated the fair value of these derivatives to be immaterial as of March 31, 2022, based on the probability-weighted discounted cash flows associated with either event.

2019 Class A-1 Notes

The Co-Issuers entered into the Credit Facility that allows for drawings up to $225 million of variable funding notes 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 Eurodollar Funding Rate, in either case, plus 2.15%. 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) 1.15% plus (b) 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) the one-month Eurodollar Funding Rate plus 1.00%. There is no upfront fee for the Credit Facility. There is a fee of 50 basis points on any unused portion of the revolving financing facility. Undrawn face amounts of outstanding letters of credit that are not cash collateralized accrue a fee of 2.15% per annum.

In March 2020, the Company borrowed $220.0 million against the Credit Facility. The $220.0 million was repaid on March 5, 2021, and there have been no new borrowings since that date. As of March 31, 2022, there were no outstanding borrowings under the Credit Facility. The interest rate for borrowings under the Credit Facility is 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.

At March 31, 2022, $3.5 million was pledged against the Credit Facility for outstanding letters of credit, leaving $221.5 million available for borrowing. The letters of credit are used primarily to satisfy insurance-related collateral requirements.

Covenants and Restrictions

The New 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 New 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 New Notes are in stated ways defective or ineffective and (iv) covenants relating to recordkeeping, access to information and similar matters. The New Notes are subject to customary rapid amortization events provided for in the Indenture, including events tied to failure of the Securitization Entities (as defined in the Indenture) 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 New 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 New 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 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 March 31, 2022 was approximately 4.6x.

Debt Issuance Costs

Amortization of costs incurred in connection with the issuance of the 2019 Class A-2 Notes of $0.5 million and $0.5 million were included in interest expense for the three months ended March 31, 2022 and 2021, respectively. Amortization costs incurred in connection with the Company's Credit Facility and prior credit facility of $0.2 million and $0.2 million were included in interest expense for the three months ended March 31, 2022 and 2021, respectively.

At March 31, 2022, total unamortized debt issuance costs related to the 2019 Class A-2 Notes of $6.8 million are reported as a direct reduction of the 2019 Class A-2 Notes in the Consolidated Balance Sheets. At March 31, 2022, total unamortized debt issuance costs of $1.4 million related to the Credit Facility and prior credit facility are classified as other long-term assets because there are no borrowings outstanding against the Credit Facility.

Maturities of Long-term Debt

•The anticipated repayment date of the Class A-2-I Notes is June 2024.

•The anticipated repayment date of the Class A-2-II Notes is June 2026.

•Quarterly principal payments on the Class A-2-I and Class A-2-II Notes totaling $3.25 million ($13.0 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.

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+ Details

Stockholders' Deficit

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Stockholders' Deficit

Dividends

Dividends declared and paid per share for the three months ended March 31, 2022 and 2021 were as follows:


	Three months ended March 31,
		2022		2021
Dividends declared per common share		$	0.46	$	—
Dividends paid per common share		$	0.86	$	—

On October 28, 2021, the Board of Directors declared a fourth quarter 2021 cash dividend of $0.40 per share of common

stock, paid on January 7, 2022 to the stockholders of record as of the close of business on December 17, 2021.

On February 17, 2022, the Company's Board of Directors declared a first quarter 2022 cash dividend of $0.46 per share of

common stock, paid on April 1, 2022 to the stockholders of record as of the close of business on March 21, 2022.

Stock Repurchase Program

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 Share Repurchase Program terminated effective April 1, 2022.

During the three months ended March 31, 2022, the Company repurchased 588,108 shares of common stock at a cost of $41.4 million. Cumulatively, the Company repurchased 2,344,804 shares at a cost of $175.8 million under the 2019 Repurchase Program through April 1, 2022, the effective date of termination as noted above.

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 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 (“FIFO”) method. During the three months ended March 31, 2022, the Company re-issued 171,302 shares of treasury stock at a total FIFO cost of $8.0 million.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate was 27.2% (a tax provision of $9.3 million on pre-tax book income of $34.2 million) for the three months ended March 31, 2022, as compared to (6.6)% (a tax benefit of $1.6 million on pre-tax book income of $24.0 million) for the three months ended March 31, 2021. The effective tax rate for the three months ended March 31, 2022 was different than the rate of the prior comparable period primarily due to the recognition of excess tax benefits on stock-based compensation related to the departure of the Company's previous chief executive officer in the first quarter of 2021. The total gross unrecognized tax benefit as of March 31, 2022 and December 31, 2021 was $2.2 million and $1.9 million, respectively, excluding interest, penalties and related tax benefits. The Company estimates the unrecognized tax benefit as of March 31, 2022 may decrease over the upcoming 12 months by an amount up to $0.3 million related to settlements with taxing authorities and expiring statutes of limitations. 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. As of March 31, 2022, accrued interest was $0.7 million and accrued penalties were less than $0.1 million, excluding any related income tax benefits. As of December 31, 2021, accrued interest was $0.6 million and accrued penalties were less than $0.1 million, excluding any related income tax benefits. The Company recognizes interest accrued related to unrecognized tax benefits and penalties as a component of its income tax provision recognized in its Consolidated Statements of Comprehensive Income. 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 2017 and state or non-United States tax examinations by tax authorities for years before 2011. The Company believes that adequate reserves have been provided related to all matters contained in the tax periods open to examination.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

The following table summarizes the components of stock-based compensation expense included in general and administrative expenses in the Consolidated Statements of Comprehensive Income:



	Three months ended March 31,
			2022		2021
Total stock-based compensation expense:		(In millions)
Equity classified awards expense			$	4.4	$	3.1
Liability classified awards expense			0.4		1.5
Total pre-tax stock-based compensation expense			4.8		4.6
Book income tax benefit			(1.2)		(1.1)
Total stock-based compensation expense, net of tax			$	3.6	$	3.5

As of March 31, 2022, total unrecognized compensation expense of $26.3 million related to restricted stock and restricted stock units and $4.6 million related to stock options are expected to be recognized over a weighted average period of 1.7 years for restricted stock and restricted stock units and 1.8 years for stock options.

Fair Value Assumptions

The following table summarizes the assumptions used in the Black-Scholes model for stock options granted during the three months ended March 31, 2022.


Risk-free interest rate	1.7	%
Historical volatility	70.1	%
Dividend yield	2.6	%
Expected years until exercise	4.5
Fair value of options granted	$33.23

Equity Classified Awards - Stock Options

Stock option balances at March 31, 2022, and activity for the three months ended March 31, 2022 were as follows:


	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value (in Millions)
Outstanding at December 31, 2021	475,904	$	76.65
Granted	75,795	70.08
Exercised	(3,505)	68.08

Forfeited	(2,635)	90.54
Outstanding at March 31, 2022	545,559	75.72		7.0	$	3.9
Vested at March 31, 2022 and Expected to Vest	522,263	75.82		6.9	$	3.7
Exercisable at March 31, 2022	374,716	$	75.93	6.0	$	3.1

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the closing stock price of the Company’s common stock on the last trading day of the first quarter of 2022 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on March 31, 2022. The aggregate intrinsic value will change based on the fair market value of the Company’s common stock and the number of in-the-money options.

Equity Classified Awards - Restricted Stock and Restricted Stock Units

Outstanding balances as of March 31, 2022, and activity related to restricted stock and restricted stock units for the three months ended March 31, 2022 were as follows:


	Restricted Stock	Weighted Average Grant Date Fair Value		Stock-Settled Restricted Stock Units	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2021	276,611	$	80.85	105,592	$	71.00
Granted	167,797	70.09		59,002	46.64
Released	(56,687)	89.34		(40,599)	66.31
Forfeited	(6,667)	86.86		—	—
Outstanding at March 31, 2022	381,054	$	74.77	123,995	$	61.01

Liability Classified Awards - Cash-settled Restricted Stock Units

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


						Cash-Settled Restricted Stock Units
Outstanding at December 31, 2021						12,799
Granted						67
Released						(12,866)

Outstanding at March 31, 2022						—

For the three months ended March 31, 2022 and 2021, an expense of $0.2 million and $1.4 million, respectively, was included as stock-based compensation expense related to cash-settled restricted stock units. At March 31, 2022 and December 31, 2021, liabilities were zero and $0.9 million, respectively, related to cash-settled restricted stock units were included as part of accrued employee compensation and benefits in the Consolidated Balance Sheets.

Liability Classified Awards - Long-Term Incentive Awards

The Company has granted cash long-term incentive awards (“LTIP awards”) to certain employees. Annual LTIP awards vest over a three-year period and are determined using multipliers from 0% to 200% of the target award based on the total stockholder return of Dine Brands Global common stock compared to the total stockholder returns of a peer group of companies. The awards are considered stock-based compensation and are classified as liabilities measured at fair value as of the respective period end. For the three months ended March 31, 2022 and 2021, an expense of $0.2 million and $0.1 million, respectively, were included in total stock-based compensation expense related to LTIP awards. At March 31, 2022 and December 31, 2021, liabilities of $1.2 million and $1.5 million, respectively, related to LTIP awards were included as part of accrued employee compensation and benefits in the Consolidated Balance Sheets.

Net Income (Loss) per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net Income (Loss) per Share

Net Income per Share

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



	Three months ended March 31,
		2022		2021
		(In thousands, except per share data)
Numerator for basic and diluted income per common share:
Net income		$	24,850	$	25,603
Less: Net income allocated to unvested participating restricted stock		(598)		(548)
Net income available to common stockholders - basic		24,252		25,055
Effect of unvested participating restricted stock in two-class calculation		1		6

Net income available to common stockholders - diluted		$	24,253	$	25,061
Denominator:
Weighted average outstanding shares of common stock - basic		16,722		16,460
Dilutive effect of stock options		36		170
Weighted average outstanding shares of common stock - diluted		16,758		16,630
Net income per common share:
Basic		$	1.45	$	1.52
Diluted		$	1.45	$	1.51

Segments

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segments

The Company identifies its reporting segments based on the organizational units used by management to monitor performance and make operating decisions. The Company currently has five operating segments: Applebee's franchise operations, Applebee's company-operated restaurant operations, IHOP franchise operations, rental operations and financing operations. The Company has four reportable segments: franchise operations, (an aggregation of Applebee's and IHOP franchise operations), company-operated restaurant operations, rental operations and financing 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.

As of March 31, 2022, the franchise operations segment consisted of (i) 1,606 restaurants operated by Applebee’s franchisees in the United States, two U.S. territories and 11 countries outside the United States and (ii) 1,756 restaurants operated by IHOP franchisees and area licensees in the United States, two U.S. territories and seven countries outside the United States. Franchise operations revenue consists primarily of franchise royalty revenues, franchise advertising revenue, sales of proprietary products to franchisees (primarily pancake and waffle dry mixes for the IHOP restaurants), and franchise fees. Franchise operations expenses include advertising expenses, the cost of IHOP proprietary products, bad debt expense, franchisor contributions to marketing funds, pre-opening training expenses and other franchise-related costs.

Company restaurant sales are retail sales at 69 Applebee's company-operated restaurants. Company restaurant expenses are operating expenses at company-operated restaurants and include food, labor, utilities, rent and other restaurant operating costs.

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 from finance leases on which the Company is the lessee.

Financing revenues primarily consist of interest income from the financing of IHOP equipment leases and franchise fees and interest income on Applebee's notes receivable from franchisees. Financing expenses are the cost of taxes related to IHOP equipment leases.

Information on segments is as follows:



	Three months ended March 31,
		2022		2021
		(In millions)
Revenues from external customers:

Franchise operations		$	161.2	$	141.0
Rental operations		28.8		26.1
Company restaurants		39.4		36.0
Financing operations		1.0		1.1
Total		$	230.4	$	204.2

Interest expense:

Rental operations		$	1.1	$	1.3
Company restaurants		0.8		0.9
Corporate		15.5		16.5
Total		$	17.4	$	18.7

Depreciation and amortization:

Franchise operations		$	2.5	$	2.5
Rental operations		2.6		2.8
Company restaurants		1.9		1.8
Corporate		2.9		2.9
Total		$	9.9	$	10.0

Gross profit (loss), by segment:

Franchise operations		$	83.2	$	76.0
Rental operations		6.7		5.2
Company restaurants		2.0		3.1
Financing operations		0.9		1.0
Total gross profit		92.8		85.3
Corporate and unallocated expenses, net		(58.6)		(61.3)
Income (loss) before income taxes		$	34.2	$	24.0

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Closure and Impairment Charges

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Closure and Impairment Charges

Closure and impairment charges for the three months ended March 31, 2022 and 2021 were as follows:


Closure and Impairment Charges	Three months ended March 31,
		2022		2021
		(In millions)
Closure charges		$	0.1	$	1.9
Long-lived tangible asset impairment		—		0.1



Total impairment and closure charges		$	0.1	$	2.0

The closure charges for the three months ended March 31, 2022 related to revisions to existing closure reserves, including accretion, primarily for 28 IHOP restaurants closed prior to December 31, 2021.

The closure charges of $1.9 million for the three months ended March 31, 2021 related to the establishment of or revisions to existing closure reserves for approximately 35 IHOP restaurants.

The long-lived asset impairment of $0.1 million for the three months ended March 31, 2021 related to one IHOP franchisee-operated restaurants for which the carrying amount exceeded the undiscounted cash flows.

Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company does not have a material amount of financial assets or liabilities that are required under U.S. GAAP to be measured on a recurring basis at fair value. The Company is not a party to any material derivative financial instruments. The Company does not have a material amount of non-financial assets or non-financial liabilities that are required under U.S. GAAP to be measured at fair value on a recurring basis. The Company has not elected to use the fair value measurement option, as permitted under U.S. GAAP, for any assets or liabilities for which fair value measurement is not presently required.

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

The fair values of the Company's 2019 Class A-2 Notes at March 31, 2022 and December 31, 2021 were as follows:


	March 31, 2022		December 31, 2021
	(In millions)
Face Value of Class A-2 Notes	$	1,287.0	$	1,287.0
Fair Value of Class A-2 Notes	$	1,275.8	$	1,312.9

The fair values were determined based on Level 2 inputs, including information gathered from brokers who trade in the Company’s 2019 Class A-2 Notes, as well as information on notes that are similar to those of the Company.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation, Claims and Disputes The Company is subject to various lawsuits, 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 under U.S. GAAP to record an accrual for litigation loss contingencies that are both probable and reasonably estimable. Legal fees and expenses associated with the defense of all of the Company's litigation are expensed as such fees and expenses are incurred. Management regularly assesses the Company's insurance coverage, analyzes litigation information with the Company's attorneys and evaluates the Company's loss experience in connection with pending legal proceedings. While the Company does not presently believe that any of the legal proceedings to which it 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. Lease Guarantees In connection with the sale of Applebee’s restaurants to franchisees, the Company has, in certain cases, guaranteed or has potential continuing liability for lease payments totaling $219.6 million as of March 31, 2022. This amount represents the maximum potential liability for 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 2022 through 2048. Excluding unexercised option periods, the Company's potential liability for future payments under these leases is $48.0 million. In the event of default, the indemnity and default clauses in the sale or assignment agreements govern the Company's ability to pursue and recover damages incurred.

Cash, Cash Equivalents and Restricted Cash

3 Months Ended

Mar. 31, 2022

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

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:


	March 31, 2022		December 31, 2021
	(In millions)
Money market funds	$	15.0	$	30.0
IHOP advertising funds and gift card programs	92.4		101.5
Other depository accounts	187.3		229.9
Total cash and cash equivalents	$	294.7	$	361.4

Current Restricted Cash

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 franchisees pursuant to franchise agreements, usage of which was restricted to advertising activities. The components of current restricted cash were as follows:



	March 31, 2022		December 31, 2021
	(In millions)
Securitized debt reserves	$	30.6	$	29.9
Applebee's advertising funds	16.5		17.5
Other	0.1		0.1
Total current restricted cash	$	47.2	$	47.5

Non-current Restricted Cash

Non-current restricted cash was $16.4 million and $16.4 million at March 31, 2022 and December 31, 2021, respectively, and represents interest reserves required to be set aside for the duration of the Company's securitized debt.

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fiscal Period	The Company’s fiscal quarters end on the Sunday closest to the last day of each calendar quarter. For convenience, the fiscal quarters of each year are referred to as ending on March 31, June 30, September 30 and December 31. The first fiscal quarter of 2022 began on January 3, 2022 and ended on April 3, 2022. The first fiscal quarter of 2021 began on January 4, 2021 and ended on April 4, 2021.
Risks and Uncertainties	Risks and Uncertainties The Company was subject to risks and uncertainties as a result of the continuing outbreak of a novel strain of coronavirus, designated “COVID-19,” and evolving variants thereof. The extent of the continued impact of the COVID-19 pandemic on the Company's business remains uncertain and difficult to predict, as measures taken in response to and the effect of the pandemic have varied and continue to vary by country, state and municipalities within states. The Company first began to experience impacts from the COVID-19 pandemic in March 2020, as federal, state, local and international governments reacted to the public health crisis by encouraging social distancing and requiring, in varying degrees, restaurant dine-in limitations and other restrictions that largely limited the restaurants of the Company's franchisees and its company-operated restaurants to take-out and delivery sales during the initial stages of the pandemic. Subsequently, government-imposed dine-in restrictions have been relaxed or removed in many of the locations in which the Company operates as incidents of infection decline and vaccination rates increase within the respective governmental jurisdictions. As of March 31, 2022, substantially all domestic Applebee's and IHOP restaurants were open and operating without government-mandated restrictions.
Accounting Standards Adopted in the Current Fiscal Year and Not Yet Adopted	Accounting Standards Adopted in the Current Fiscal Year In July 2021, the Financial Accounting Standards Board (“FASB”) issued guidance which affect lessors with lease contracts that (i) have variable lease payments that do not depend on a reference index or a rate and (ii) would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing. The amendments are effective for fiscal years beginning after December 15, 2021. 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 2022 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 March 2020, with an update in January 2021, the FASB issued guidance which provides optional expedients and exceptions for applying current U.S. GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The guidance can be adopted immediately and is applicable to contracts entered into on or before December 31, 2022. The Company is currently evaluating its contracts that reference LIBOR and the potential effects of adopting this new guidance. The Company reviewed all other newly issued accounting pronouncements and concluded that they either are not applicable to the Company's operations or that no material effect is expected on the Company's financial statements when adoption is required in the future.

Revenue Disclosures (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table disaggregates franchise revenue by major type for the three months ended March 31, 2022 and 2021:


	Three Months Ended
	March 31,
		2022		2021
		(In thousands)
Franchise Revenue:
Royalties		$	75,242	$	65,767
Advertising fees		70,883		60,885
Pancake and waffle dry mix sales and other		12,931		10,890
Franchise and development fees		2,176		3,434
Total franchise revenue		$	161,232	$	140,976

Schedule of Changes in Deferred Revenue

Changes in the Company's contract liability for deferred franchise and development fees during the three months ended March 31, 2022 were as follows:


	Deferred Franchise Revenue (short- and long-term)
	(In thousands)
Balance at December 31, 2021	$	53,346
Recognized as revenue during the three months ended March 31, 2022	(2,049)
Fees deferred during the three months ended March 31, 2022	872
Balance at March 31, 2022	$	52,169

Schedule of Remaining Performance Obligations

The balance of deferred revenue as of March 31, 2022 is expected to be recognized as follows:


	(In thousands)
2022 (remaining nine months)	$	5,271
2023	6,915
2024	6,259
2025	5,473
2026	4,653
Thereafter	23,598
Total	$	52,169

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

3 Months Ended

Mar. 31, 2022

Credit Loss [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable


	March 31, 2022		December 31, 2021
	(In millions)
Accounts receivable	$	66.0	$	63.6
Gift card receivables	5.3		33.4
Notes receivable	18.8		19.7
Financing receivables:
Equipment leases receivable	31.8		33.4
Real estate leases receivable	17.7		16.7


Other	7.9		7.6
	147.5		174.4
Less: allowance for credit losses	(10.8)		(11.9)
	136.7		162.5
Less: current portion	(94.0)		(120.0)
Long-term receivables	$	42.7	$	42.5

Schedule of Changes in Allowance for Credit Losses

Changes in the allowance for credit losses during the three months ended March 31, 2022 were as follows:



	Accounts Receivable		Notes receivable, short-term		Notes receivable, long-term		Lease Receivables		Equipment Notes		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)		0.1		(0.3)		(0.0)		0.0		0.0		(0.3)
Advertising provision adjustment	(0.0)		(0.0)		(0.2)		—		—		—		(0.2)
Write-offs	(0.2)		(0.3)		—		—		—		(0.2)		(0.7)
Recoveries	0.1		—		—		—		0.0		—		0.1
Balance, March 31, 2022	$	0.8	$	3.6	$	6.1	$	0.2	$	0.1	$	0.0	$	10.8

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

Schedule of Delinquency Status of Receivable

The delinquency status of receivables (other than accounts receivable, gift card receivables and distributor receivables) at March 31, 2022 was as follows:



	Notes receivable, short-term		Notes receivable, long-term		Lease Receivables		Equipment Notes		Other (1)		Total
	(In millions)
Current	$	4.5	$	12.7	$	17.7	$	31.8	$	2.6	$	69.3
30-59 days	0.1		—		—		—		—		0.1
60-89 days	0.0		—		—		—		—		0.0
90-119 days	0.0		—		—		—		—		0.0
120+ days	1.5		—		—		—		—		1.5
Total	$	6.1	$	12.7	$	17.7	$	31.8	$	2.6	$	70.9

(1) Primarily credit card receivables

Financing Receivable Credit Quality Indicators

The year of origination of the Company's notes receivable and financing receivables is as follows:



	Notes receivable, short and long-term		Lease Receivables		Equipment Notes		Total
	(In millions)
2022	$	0.3	$	2.9	$	—	$	3.2
2021	12.2		2.6		—		14.8
2020	0.5		1.4		—		1.9
2019	0.2		0.8		—		1.0
2018	—		—		—		0.0
2017	5.5		—		—		5.5
Prior	0.1		10.0		31.8		41.9
Total	$	18.8	$	17.7	$	31.8	$	68.3

Lease Disclosures (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Schedule of Lease Cost

The Company's lease cost for the three months ended March 31, 2022 and 2021 was as follows:


	Three months ended March 31,
			2022		2021
		(In millions)
Finance lease cost:
Amortization of right-of-use assets			$	1.1	$	1.2
Interest on lease liabilities			1.3		1.5
Operating lease cost(1)			21.1		21.3
Variable lease cost			1.7		0.3
Short-term lease cost			0.0		0.0
Sublease income			(26.4)		(24.2)
Lease (income) cost			$	(1.2)	$	0.1

Schedule of Operating Lease Liability Future Maturity

Future minimum lease payments under noncancelable leases as lessee as of March 31, 2022 were as follows:


	Finance Leases		Operating Leases
	(In millions)
2022 (remaining nine months)	$	10.8	$	69.2
2023	11.9		77.8
2024	10.2		73.3
2025	8.5		60.7
2026	7.9		51.2
Thereafter	48.4		135.4
Total minimum lease payments	97.7		467.6
Less: interest/imputed interest	(26.6)		(81.5)
Total obligations	71.1		386.1
Less: current portion	(9.9)		(72.5)
Long-term lease obligations	$	61.2	$	313.6

Schedule of Finance Lease Liability Future Maturity

Future minimum lease payments under noncancelable leases as lessee as of March 31, 2022 were as follows:


	Finance Leases		Operating Leases
	(In millions)
2022 (remaining nine months)	$	10.8	$	69.2
2023	11.9		77.8
2024	10.2		73.3
2025	8.5		60.7
2026	7.9		51.2
Thereafter	48.4		135.4
Total minimum lease payments	97.7		467.6
Less: interest/imputed interest	(26.6)		(81.5)
Total obligations	71.1		386.1
Less: current portion	(9.9)		(72.5)
Long-term lease obligations	$	61.2	$	313.6

Schedule of Lease Payments

During the three months ended March 31, 2022 and 2021, the Company made the following cash payments for leases:


	Three months ended March 31,
		2022		2021
		(In millions)
Principal payments on finance lease obligations		$	2.3	$	2.6
Interest payments on finance lease obligations		$	1.3	$	1.5
Payments on operating leases		$	23.0	$	23.0
Variable lease payments		$	2.1	$	0.3

Schedule of Operating Lease Income

The Company's income from operating leases for the three months ended March 31, 2022 and 2021 was as follows:


	Three months ended March 31,
			2022		2021
		(In millions)
Minimum lease payments			$	24.4	$	23.8
Variable lease income			3.9		1.6
Total operating lease income			$	28.3	$	25.4

Schedule of Future Minimum Payments as a Lessor Under Operating Leases

Minimum payments to be received as lessor under noncancelable operating leases as of March 31, 2022 were as follows:



	(In millions)
2022 (remaining nine months)	$	76.8
2023	98.6
2024	90.2
2025	77.2
2026	62.9
Thereafter	133.9
Total minimum rents receivable	$	539.6

Schedule of Direct Finance Lease Income

The Company's income from real estate leases for the three months ended March 31, 2022 and 2021 was as follows:


	Three months ended March 31,
			2022		2021
		(In millions)
Interest income			$	0.4	$	0.6
Variable lease income			0.1		0.1
Total real estate lease income			$	0.5	$	0.7

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

Minimum payments to be received as lessor under noncancelable real estate leases as of March 31, 2022 were as follows:



	(In millions)
2022 (remaining nine months)	$	5.3
2023	3.6
2024	1.4
2025	0.7
2026	0.6
Thereafter	2.6
Total minimum rents receivable	14.2
Less: unearned income	(2.1)
Total net investment in real estate leases	12.1
Less: current portion	(5.7)
Long-term investment in real estate leases	$	6.4

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

At March 31, 2022 and December 31, 2021, long-term debt consisted of the following:


	March 31, 2022		December 31, 2021
	(In millions)
Series 2019-1 4.194% Fixed Rate Senior Secured Notes, Class A-2-I	$	693.0	$	693.0
Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II	594.0		594.0

Debt issuance costs	(6.8)		(7.4)
Long-term debt, net of debt issuance costs	1,280.2		1,279.6
Current portion of long-term debt	—		—
Long-term debt	$	1,280.2	$	1,279.6

Stockholders' Deficit (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Dividends Declared

Dividends declared and paid per share for the three months ended March 31, 2022 and 2021 were as follows:


	Three months ended March 31,
		2022		2021
Dividends declared per common share		$	0.46	$	—
Dividends paid per common share		$	0.86	$	—

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Components of the Company’s Stock-Based Compensation Expense

The following table summarizes the components of stock-based compensation expense included in general and administrative expenses in the Consolidated Statements of Comprehensive Income:



	Three months ended March 31,
			2022		2021
Total stock-based compensation expense:		(In millions)
Equity classified awards expense			$	4.4	$	3.1
Liability classified awards expense			0.4		1.5
Total pre-tax stock-based compensation expense			4.8		4.6
Book income tax benefit			(1.2)		(1.1)
Total stock-based compensation expense, net of tax			$	3.6	$	3.5

Schedule of Stock Option Valuation Assumptions

The following table summarizes the assumptions used in the Black-Scholes model for stock options granted during the three months ended March 31, 2022.


Risk-free interest rate	1.7	%
Historical volatility	70.1	%
Dividend yield	2.6	%
Expected years until exercise	4.5
Fair value of options granted	$33.23

Schedule of Stock Option Activity

Stock option balances at March 31, 2022, and activity for the three months ended March 31, 2022 were as follows:


	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value (in Millions)
Outstanding at December 31, 2021	475,904	$	76.65
Granted	75,795	70.08
Exercised	(3,505)	68.08

Forfeited	(2,635)	90.54
Outstanding at March 31, 2022	545,559	75.72		7.0	$	3.9
Vested at March 31, 2022 and Expected to Vest	522,263	75.82		6.9	$	3.7
Exercisable at March 31, 2022	374,716	$	75.93	6.0	$	3.1

Schedule of Restricted Stock Unit Activity

Outstanding balances as of March 31, 2022, and activity related to restricted stock and restricted stock units for the three months ended March 31, 2022 were as follows:


	Restricted Stock	Weighted Average Grant Date Fair Value		Stock-Settled Restricted Stock Units	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2021	276,611	$	80.85	105,592	$	71.00
Granted	167,797	70.09		59,002	46.64
Released	(56,687)	89.34		(40,599)	66.31
Forfeited	(6,667)	86.86		—	—
Outstanding at March 31, 2022	381,054	$	74.77	123,995	$	61.01

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

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


						Cash-Settled Restricted Stock Units
Outstanding at December 31, 2021						12,799
Granted						67
Released						(12,866)

Outstanding at March 31, 2022						—

Net Income (Loss) per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Computation of the Company’s Basic and Diluted Net Income per Share

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



	Three months ended March 31,
		2022		2021
		(In thousands, except per share data)
Numerator for basic and diluted income per common share:
Net income		$	24,850	$	25,603
Less: Net income allocated to unvested participating restricted stock		(598)		(548)
Net income available to common stockholders - basic		24,252		25,055
Effect of unvested participating restricted stock in two-class calculation		1		6

Net income available to common stockholders - diluted		$	24,253	$	25,061
Denominator:
Weighted average outstanding shares of common stock - basic		16,722		16,460
Dilutive effect of stock options		36		170
Weighted average outstanding shares of common stock - diluted		16,758		16,630
Net income per common share:
Basic		$	1.45	$	1.52
Diluted		$	1.45	$	1.51

Segments (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment

Information on segments is as follows:



	Three months ended March 31,
		2022		2021
		(In millions)
Revenues from external customers:

Franchise operations		$	161.2	$	141.0
Rental operations		28.8		26.1
Company restaurants		39.4		36.0
Financing operations		1.0		1.1
Total		$	230.4	$	204.2

Interest expense:

Rental operations		$	1.1	$	1.3
Company restaurants		0.8		0.9
Corporate		15.5		16.5
Total		$	17.4	$	18.7

Depreciation and amortization:

Franchise operations		$	2.5	$	2.5
Rental operations		2.6		2.8
Company restaurants		1.9		1.8
Corporate		2.9		2.9
Total		$	9.9	$	10.0

Gross profit (loss), by segment:

Franchise operations		$	83.2	$	76.0
Rental operations		6.7		5.2
Company restaurants		2.0		3.1
Financing operations		0.9		1.0
Total gross profit		92.8		85.3
Corporate and unallocated expenses, net		(58.6)		(61.3)
Income (loss) before income taxes		$	34.2	$	24.0

Closure and Impairment Charges (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Details of Impairment of Long-Lived Assets Held and Used by Asset

Closure and impairment charges for the three months ended March 31, 2022 and 2021 were as follows:


Closure and Impairment Charges	Three months ended March 31,
		2022		2021
		(In millions)
Closure charges		$	0.1	$	1.9
Long-lived tangible asset impairment		—		0.1



Total impairment and closure charges		$	0.1	$	2.0

Schedule of Restructuring Reserve by Type of Cost

Closure and impairment charges for the three months ended March 31, 2022 and 2021 were as follows:


Closure and Impairment Charges	Three months ended March 31,
		2022		2021
		(In millions)
Closure charges		$	0.1	$	1.9
Long-lived tangible asset impairment		—		0.1



Total impairment and closure charges		$	0.1	$	2.0

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value of Non-Current Financial Liabilities

The fair values of the Company's 2019 Class A-2 Notes at March 31, 2022 and December 31, 2021 were as follows:


	March 31, 2022		December 31, 2021
	(In millions)
Face Value of Class A-2 Notes	$	1,287.0	$	1,287.0
Fair Value of Class A-2 Notes	$	1,275.8	$	1,312.9

Cash, Cash Equivalents and Restricted Cash (Tables)

3 Months Ended

Mar. 31, 2022

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

The components of cash and cash equivalents were as follows:


	March 31, 2022		December 31, 2021
	(In millions)
Money market funds	$	15.0	$	30.0
IHOP advertising funds and gift card programs	92.4		101.5
Other depository accounts	187.3		229.9
Total cash and cash equivalents	$	294.7	$	361.4

Restrictions on Cash and Cash Equivalents

The components of current restricted cash were as follows:



	March 31, 2022		December 31, 2021
	(In millions)
Securitized debt reserves	$	30.6	$	29.9
Applebee's advertising funds	16.5		17.5
Other	0.1		0.1
Total current restricted cash	$	47.2	$	47.5

Revenue Disclosures - Disaggregation of Franchise Revenue by Major Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Franchise Revenue:
Disaggregation of Revenue [Line Items]
Total franchise revenue	$ 161,232	$ 140,976
Royalties
Disaggregation of Revenue [Line Items]
Total franchise revenue	75,242	65,767
Advertising fees
Disaggregation of Revenue [Line Items]
Total franchise revenue	70,883	60,885
Pancake and waffle dry mix sales and other
Disaggregation of Revenue [Line Items]
Total franchise revenue	12,931	10,890
Franchise and development fees
Disaggregation of Revenue [Line Items]
Total franchise revenue	$ 2,176	$ 3,434

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue Disclosures - Narrative (Details) - Receivables from Franchise Revenue Transactions - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Billed and unbilled receivables	$ 68.7	$ 66.0
Billed and unbilled receivables, accumulated allowance for credit loss	$ 0.7	$ 1.1

Revenue Disclosures - Changes in the Company's Contract Liability for Deferred Franchise and Development Fees (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Change in Contract with Customer, Liability [Roll Forward]
Balance at December 31, 2021	$ 53,346
Recognized as revenue during the three months ended March 31, 2022	(2,049)
Fees deferred during the three months ended March 31, 2022	872
Balance at March 31, 2022	$ 52,169

Revenue Disclosures - Deferred Revenue Expected to be Recognized (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Performance obligations expected to be satisfied	$ 52,169
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	52,169
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue from Contract with Customer [Abstract]
Performance obligations expected to be satisfied	5,271
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 5,271
Performance obligations expected to be satisfied, expected timing	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue from Contract with Customer [Abstract]
Performance obligations expected to be satisfied	$ 6,915
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 6,915
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue from Contract with Customer [Abstract]
Performance obligations expected to be satisfied	$ 6,259
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 6,259
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 from Contract with Customer [Abstract]
Performance obligations expected to be satisfied	$ 5,473
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 5,473
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 from Contract with Customer [Abstract]
Performance obligations expected to be satisfied	$ 4,653
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 4,653
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 from Contract with Customer [Abstract]
Performance obligations expected to be satisfied	$ 23,598
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 23,598
Performance obligations expected to be satisfied, expected timing

Current Expected Credit Losses ("CECL") - Narrative (Details) $ in Millions	Mar. 31, 2022 USD ($) lease
Financing Receivable, Allowance for Credit Loss [Line Items]
Operating lease, weighted average remaining lease term	6 years 8 months 12 days
Finance lease, weighted average remaining lease term	9 years 10 months 24 days
Notes Receivable \| Applebee's
Financing Receivable, Allowance for Credit Loss [Line Items]
Accounts and financing receivable, allowance for credit loss \| $	$ 9.8
Equipment Notes
Financing Receivable, Allowance for Credit Loss [Line Items]
Operating lease, weighted average remaining lease term	3 years 1 month 6 days
Lease Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of properties subject to ground leases \| lease	68
Finance lease, weighted average remaining lease term	6 years 8 months 12 days

Current Expected Credit Losses ("CECL") - Components of Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 66,000	$ 63,600
Gift card receivables	5,300	33,400
Notes receivable	18,800	19,700
Financing receivables:	70,900
Accounts and financing receivable, before allowance for credit loss	147,500	174,400
Less: allowance for credit losses	(10,800)	(11,900)
Accounts and financing receivable, after allowance for credit loss	136,700	162,500
Less: current portion	(94,009)	(119,968)
Long-term receivables	42,700	42,500
Equipment leases receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables:	31,800	33,400
Real estate leases receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables:	17,700	16,700
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables:	$ 7,900	$ 7,600

Current Expected Credit Losses ("CECL") - Changes in the Allowance for Credit Losses (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, December 31, 2021	$ 11.9
Bad debt (credit) expense	(0.3)
Advertising provision adjustment	(0.2)
Write-offs	(0.7)
Recoveries	0.1
Balance, March 31, 2022	10.8
Accounts Receivable
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, December 31, 2021	1.0
Bad debt (credit) expense	(0.1)
Advertising provision adjustment	(0.0)
Write-offs	(0.2)
Recoveries	0.1
Balance, March 31, 2022	0.8
Notes receivable, short-term
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, December 31, 2021	3.8
Bad debt (credit) expense	0.1
Advertising provision adjustment	(0.0)
Write-offs	(0.3)
Recoveries	0.0
Balance, March 31, 2022	3.6
Notes receivable, long-term
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, December 31, 2021	6.6
Bad debt (credit) expense	(0.3)
Advertising provision adjustment	(0.2)
Write-offs	0.0
Recoveries	0.0
Balance, March 31, 2022	6.1
Lease Receivables
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, December 31, 2021	0.2
Bad debt (credit) expense	(0.0)
Advertising provision adjustment	0.0
Write-offs	0.0
Recoveries	0.0
Balance, March 31, 2022	0.2
Equipment Notes
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, December 31, 2021	0.1
Bad debt (credit) expense	0.0
Advertising provision adjustment	0.0
Write-offs	0.0
Recoveries	0.0
Balance, March 31, 2022	0.1
Other
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, December 31, 2021	0.2
Bad debt (credit) expense	0.0
Advertising provision adjustment	0.0
Write-offs	(0.2)
Recoveries	0.0
Balance, March 31, 2022	$ 0.0

Current Expected Credit Losses ("CECL") - Delinquency Status of Receivables (Details) $ in Millions	Mar. 31, 2022 USD ($)
Financing Receivable, Past Due [Line Items]
Financing receivables	$ 70.9
Current
Financing Receivable, Past Due [Line Items]
Financing receivables	69.3
30-59 days
Financing Receivable, Past Due [Line Items]
Financing receivables	0.1
60-89 days
Financing Receivable, Past Due [Line Items]
Financing receivables	0.0
90-119 days
Financing Receivable, Past Due [Line Items]
Financing receivables	0.0
120+ days
Financing Receivable, Past Due [Line Items]
Financing receivables	1.5
Notes receivable, short-term
Financing Receivable, Past Due [Line Items]
Financing receivables	6.1
Notes receivable, short-term \| Current
Financing Receivable, Past Due [Line Items]
Financing receivables	4.5
Notes receivable, short-term \| 30-59 days
Financing Receivable, Past Due [Line Items]
Financing receivables	0.1
Notes receivable, short-term \| 60-89 days
Financing Receivable, Past Due [Line Items]
Financing receivables	0.0
Notes receivable, short-term \| 90-119 days
Financing Receivable, Past Due [Line Items]
Financing receivables	0.0
Notes receivable, short-term \| 120+ days
Financing Receivable, Past Due [Line Items]
Financing receivables	1.5
Notes receivable, long-term
Financing Receivable, Past Due [Line Items]
Financing receivables	12.7
Notes receivable, long-term \| Current
Financing Receivable, Past Due [Line Items]
Financing receivables	12.7
Notes receivable, long-term \| 30-59 days
Financing Receivable, Past Due [Line Items]
Financing receivables	0.0
Notes receivable, long-term \| 60-89 days
Financing Receivable, Past Due [Line Items]
Financing receivables	0.0
Notes receivable, long-term \| 90-119 days
Financing Receivable, Past Due [Line Items]
Financing receivables	0.0
Notes receivable, long-term \| 120+ days
Financing Receivable, Past Due [Line Items]
Financing receivables	0.0
Lease Receivables
Financing Receivable, Past Due [Line Items]
Financing receivables	17.7
Lease Receivables \| Current
Financing Receivable, Past Due [Line Items]
Financing receivables	17.7
Lease Receivables \| 30-59 days
Financing Receivable, Past Due [Line Items]
Financing receivables	0.0
Lease Receivables \| 60-89 days
Financing Receivable, Past Due [Line Items]
Financing receivables	0.0
Lease Receivables \| 90-119 days
Financing Receivable, Past Due [Line Items]
Financing receivables	0.0
Lease Receivables \| 120+ days
Financing Receivable, Past Due [Line Items]
Financing receivables	0.0
Equipment Notes
Financing Receivable, Past Due [Line Items]
Financing receivables	31.8
Equipment Notes \| Current
Financing Receivable, Past Due [Line Items]
Financing receivables	31.8
Equipment Notes \| 30-59 days
Financing Receivable, Past Due [Line Items]
Financing receivables	0.0
Equipment Notes \| 60-89 days
Financing Receivable, Past Due [Line Items]
Financing receivables	0.0
Equipment Notes \| 90-119 days
Financing Receivable, Past Due [Line Items]
Financing receivables	0.0
Equipment Notes \| 120+ days
Financing Receivable, Past Due [Line Items]
Financing receivables	0.0
Other
Financing Receivable, Past Due [Line Items]
Financing receivables	2.6
Other \| Current
Financing Receivable, Past Due [Line Items]
Financing receivables	2.6
Other \| 30-59 days
Financing Receivable, Past Due [Line Items]
Financing receivables	0.0
Other \| 60-89 days
Financing Receivable, Past Due [Line Items]
Financing receivables	0.0
Other \| 90-119 days
Financing Receivable, Past Due [Line Items]
Financing receivables	0.0
Other \| 120+ days
Financing Receivable, Past Due [Line Items]
Financing receivables	$ 0.0

Current Expected Credit Losses ("CECL") - Year of Origination of Notes and Financing Receivables (Details) $ in Millions	Mar. 31, 2022 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Financing receivables:	$ 70.9
Total
Financing Receivable, Credit Quality Indicator [Line Items]
2022	3.2
2021	14.8
2020	1.9
2019	1.0
2018	0.0
2017	5.5
Prior	41.9
Financing receivables:	68.3
Notes receivable, short and long-term
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0.3
2021	12.2
2020	0.5
2019	0.2
2018	0.0
2017	5.5
Prior	0.1
Financing receivables:	18.8
Lease Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2022	2.9
2021	2.6
2020	1.4
2019	0.8
2018	0.0
2017	0.0
Prior	10.0
Financing receivables:	17.7
Equipment Notes
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0.0
2021	0.0
2020	0.0
2019	0.0
2018	0.0
2017	0.0
Prior	31.8
Financing receivables:	$ 31.8

Lease Disclosures - Narrative (Details)	Mar. 31, 2022 lease restaurant
Lessee, Lease, Description [Line Items]
Number of company-operated restaurants located on leased real estate properties	69
Lessor, number of leases requiring additional rent payments based on a percentage of restaurant sales \| lease	260
Lessee, number of leases requiring additional rent payments based on a percentage of restaurant sales \| lease	40
Finance lease, weighted average remaining lease term	9 years 10 months 24 days
Operating lease, weighted average remaining lease term	6 years 8 months 12 days
Finance lease, weighted average discount rate, percent	10.00%
Operating lease, weighted average discount rate, percent	5.50%
IHOP
Lessee, Lease, Description [Line Items]
Number of franchisee-operated restaurants	540
Number of properties leased	50
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

Lease Disclosures - Components of Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Finance lease cost:
Amortization of right-of-use assets	$ 1.1	$ 1.2
Interest on lease liabilities	1.3	1.5
Operating lease cost	21.1	21.3
Variable lease cost	1.7	0.3
Short-term lease cost	0.0	0.0
Sublease income	(26.4)	(24.2)
Lease (income) cost	$ (1.2)	0.1
Previously Reported
Finance lease cost:
Operating lease cost		$ 25.1

Lease Disclosures - Future Minimum Lease Payments Under Noncancelable Leases as Lessee (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finance Leases
2022 (remaining nine months)	$ 10,800
2023	11,900
2024	10,200
2025	8,500
2026	7,900
Thereafter	48,400
Total minimum lease payments	97,700
Less: interest/imputed interest	(26,600)
Total obligations	71,100
Less: current portion	(9,900)
Long-term lease obligations	61,223	$ 59,625
Operating Leases
2022 (remaining nine months)	69,200
2023	77,800
2024	73,300
2025	60,700
2026	51,200
Thereafter	135,400
Total minimum lease payments	467,600
Less: interest/imputed interest	(81,500)
Total obligations	386,100
Less: current portion	(72,451)	(72,079)
Long-term lease obligations	$ 313,634	$ 320,848

Lease Disclosures - Payment for Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Principal payments on finance lease obligations	$ 2,340	$ 2,621
Interest payments on finance lease obligations	1,300	1,500
Payments on operating leases	23,000	23,000
Variable lease payments	$ 2,100	$ 300

Lease Disclosures - Components of Lease Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Minimum lease payments	$ 24.4	$ 23.8
Variable lease income	3.9	1.6
Total operating lease income	$ 28.3	$ 25.4

Lease Disclosures - Future Minimum Payments to be Received as Lessor Under Noncancelable Operating Leases (Details) $ in Millions	Mar. 31, 2022 USD ($)
Leases [Abstract]
2022 (remaining nine months)	$ 76.8
2023	98.6
2024	90.2
2025	77.2
2026	62.9
Thereafter	133.9
Total minimum rents receivable	$ 539.6

Lease Disclosures - Schedule of Income From Direct Financing Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Interest income	$ 0.4	$ 0.6
Variable lease income	0.1	0.1
Total real estate lease income	$ 0.5	$ 0.7

Lease Disclosures - Future Minimum Payments to be Received as Lessor Under Noncancelable Direct Financing Leases (Details) $ in Millions	Mar. 31, 2022 USD ($)
Leases [Abstract]
2022 (remaining nine months)	$ 5.3
2023	3.6
2024	1.4
2025	0.7
2026	0.6
Thereafter	2.6
Total minimum rents receivable	14.2
Less: unearned income	(2.1)
Total net investment in real estate leases	12.1
Less: current portion	(5.7)
Long-term investment in real estate leases	$ 6.4

Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Jun. 05, 2019
Debt Instrument [Line Items]
Debt issuance costs	$ (6,800)	$ (7,400)
Long-term debt, net of debt issuance costs	1,280,200	1,279,600
Current portion of long-term debt	0	0
Long-term debt	$ 1,280,182	$ 1,279,623
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%
Senior notes	$ 693,000	$ 693,000
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%
Senior notes	$ 594,000	$ 594,000

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Long-Term Debt - Narrative (Details) - USD ($)		1 Months Ended	3 Months Ended
Long-Term Debt - Narrative (Details) - USD ($)	Jun. 05, 2019	Mar. 31, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Ratio of indebtedness to net capital			405.00%
DSCR less than 1.75x - Cash Flow Sweeping Event			175.00%
DSCR less than 1.20x - Rapid Amortization Event			120.00%
Interest-only DSCR less than 1.20x - Manager Termination Event			120.00%
Interest-only DSCR less than 1.10x - Default Event			110.00%
Debt service coverage ratio			460.00%
Unamortized debt issuance costs			$ 6,800,000		$ 7,400,000
Letter of Credit \| Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Letter of Credit \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.15%
Letter of Credit \| Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
2019 Class A-2 Notes
Debt Instrument [Line Items]
Additional interest on fixed rate	5.00%
Debt instrument, term	10 years
Quarterly principal payment	$ 3,250,000		$ 3,250,000
Covenant compliance, leverage ratio, maximum	525.00%
Amortization of debt issuance costs			500,000	$ 500,000
Unamortized debt issuance costs			6,800,000
Annual principal payment			$ 13,000,000
2019 Class A-2 Notes \| Maximum
Debt Instrument [Line Items]
Ratio of indebtedness to net capital			525.00%
2019 Class A-2-I Notes
Debt Instrument [Line Items]
Debt interest rate (percent)	4.194%		4.194%		4.194%
Debt instrument, face amount	$ 700,000,000
Make-whole premium			$ 3,000,000
2019 Class A-2-I Notes \| Ten Year United States Treasury Bill Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.15%
2019 Class A-2-II Notes
Debt Instrument [Line Items]
Debt interest rate (percent)	4.723%		4.723%		4.723%
Debt instrument, face amount	$ 600,000,000
Make-whole premium			$ 18,000,000
2019 Class A-2-II Notes \| Ten Year United States Treasury Bill Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.64%
Revolver
Debt Instrument [Line Items]
Letters of credit outstanding, amount			3,500,000
Line of credit facility, current borrowing capacity			221,500,000
Revolver \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 225,000,000		$ 225,000,000
Fee on unused portion of line of credit (percent)			0.50%
Proceeds from credit facility		$ 220,000,000
Repayments of long-term lines of credit		$ 220,000,000
Long-term Line of Credit			$ 0
Amortization of debt issuance costs			200,000	$ 200,000
Unamortized debt issuance costs			$ 1,400,000
Revolver \| Revolving Credit Facility \| Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate			2.15%
Revolver \| Revolving Credit Facility \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate			2.15%
Percentage of advances drawn			60.00%
Revolver \| Revolving Credit Facility \| Commercial Paper Funding Rate Of Conduit Investor
Debt Instrument [Line Items]
Basis spread on variable rate			2.15%
Percentage of advances drawn			40.00%
Revolver \| Letter of Credit
Debt Instrument [Line Items]
Basis spread on variable rate			2.15%

Stockholders' Deficit - Dividends Declared and Paid per Share (Details) - $ / shares			3 Months Ended
	Feb. 17, 2022	Oct. 28, 2021	Mar. 31, 2022	Mar. 31, 2021
Equity [Abstract]
Dividends declared per common share (USD per share)	$ 0.46	$ 0.40	$ 0.46	$ 0
Dividends paid per common share (USD per share)			$ 0.86	$ 0

Stockholders' Deficit - Narrative (Details) - USD ($)			3 Months Ended		38 Months Ended
Stockholders' Deficit - Narrative (Details) - USD ($)	Feb. 17, 2022	Oct. 28, 2021	Mar. 31, 2022	Mar. 31, 2021	Apr. 01, 2022	Feb. 28, 2019
Equity, Class of Treasury Stock [Line Items]
Dividends declared per common share (USD per share)	$ 0.46	$ 0.40	$ 0.46	$ 0
Purchase of Company common stock			$ 41,445,000
Reissuance of treasure stock (in shares)			171,302
Reissuance of treasury stock			$ 241,000	$ 19,484,000
Treasury Stock
Equity, Class of Treasury Stock [Line Items]
Purchase of Company common stock (in shares)			588,000
Purchase of Company common stock			$ 41,445,000
Reissuance of treasure stock (in shares)			171,000	539,000
Reissuance of treasury stock			$ 8,019,000	$ 21,773,000
2019 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount						$ 200,000,000
Purchase of Company common stock (in shares)			588,108
Purchase of Company common stock			$ 41,400,000
2019 Repurchase Program \| Subsequent Event
Equity, Class of Treasury Stock [Line Items]
Purchase of Company common stock (in shares)					2,344,804
Purchase of Company common stock					$ 175,800,000
2022 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount	$ 250,000,000

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate (percent)	27.20%	(6.60%)
Income tax (provision) benefit	$ (9,307)	$ 1,589
Pretax book income (loss)	34,157	$ 24,014
Gross unrecognized tax benefit	2,200		$ 1,900
Expected change in unrecognized tax benefits	300
Accrued interest on income taxes	700		600
Accrued penalties on income taxes, less than	$ 100		$ 100

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Stock-Based Compensation - Components of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Equity classified awards expense	$ 4.4	$ 3.1
Liability classified awards expense	0.4	1.5
Total pre-tax stock-based compensation expense	4.8	4.6
Book income tax benefit	(1.2)	(1.1)
Total stock-based compensation expense, net of tax	$ 3.6	$ 3.5

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 4,800	$ 4,600
Accrued employee compensation and benefits	14,240		$ 40,785
Restricted Stock and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized	$ 26,300
Total compensation cost not yet recognized, period for recognition (in years)	1 year 8 months 12 days
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized	$ 4,600
Total compensation cost not yet recognized, period for recognition (in years)	1 year 9 months 18 days
Cash-Settled Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 200	1,400
Accrued employee compensation and benefits	0		900
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	200	$ 100
Accrued employee compensation and benefits	$ 1,200		$ 1,500
Award vesting period (in years)	3 years
LTIP \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier for target award based on total shareholder return on common stock (percent)	0.00%
LTIP \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier for target award based on total shareholder return on common stock (percent)	200.00%

Stock-Based Compensation - Weighted Average Assumptions of Options Value (Details) - Stock Options	3 Months Ended
	Mar. 31, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.70%
Historical volatility	70.10%
Dividend yield	2.60%
Expected years until exercise	4 years 6 months
Fair value of options granted (USD per share)	$ 33.23

Stock-Based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) $ / shares shares
Shares
Outstanding, beginning of period (in shares) \| shares	475,904
Granted (in shares) \| shares	75,795
Exercised (in shares) \| shares	(3,505)
Forfeited (in shares) \| shares	(2,635)
Outstanding, end of period (in shares) \| shares	545,559
Vested and expected to vest (in shares) \| shares	522,263
Exercisable (in shares) \| shares	374,716
Weighted Average Exercise Price
Beginning of period (USD per share) \| $ / shares	$ 76.65
Granted (USD per share) \| $ / shares	70.08
Exercised (USD per share) \| $ / shares	68.08
Forfeited (USD per share) \| $ / shares	90.54
End of period (USD per share) \| $ / shares	75.72
Vested and expected to vest (USD per share) \| $ / shares	75.82
Exercisable (USD per share) \| $ / shares	$ 75.93
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average remaining contractual term (in years)	7 years
Weighted average remaining contractual term, vested and expected to vest (in years)	6 years 10 months 24 days
Weighted average remaining contractual term, exercisable (in years)	6 years
Options, outstanding, intrinsic value \| $	$ 3.9
Options, vested and expected to vest, intrinsic value \| $	3.7
Options, vested and expected to vest, exercisable \| $	$ 3.1

Stock-Based Compensation - Restricted Stock Activity (Details)	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Restricted Stock
Restricted Stock
Beginning of period (in shares) \| shares	276,611
Granted (in shares) \| shares	167,797
Released (in shares) \| shares	(56,687)
Forfeited (in shares) \| shares	(6,667)
End of period (in shares) \| shares	381,054
Weighted Average Grant Date Fair Value
Beginning balance (USD per share) \| $ / shares	$ 80.85
Granted (USD per share) \| $ / shares	70.09
Released (USD per share) \| $ / shares	89.34
Forfeited (USD per share) \| $ / shares	86.86
Ending balance (USD per share) \| $ / shares	$ 74.77
Stock-Settled Restricted Stock Units
Restricted Stock
Beginning of period (in shares) \| shares	105,592
Granted (in shares) \| shares	59,002
Released (in shares) \| shares	(40,599)
Forfeited (in shares) \| shares	0
End of period (in shares) \| shares	123,995
Weighted Average Grant Date Fair Value
Beginning balance (USD per share) \| $ / shares	$ 71.00
Granted (USD per share) \| $ / shares	46.64
Released (USD per share) \| $ / shares	66.31
Forfeited (USD per share) \| $ / shares	0
Ending balance (USD per share) \| $ / shares	$ 61.01

Stock-Based Compensation - Liability Classified Awards - Cash-settled Restricted Stock Units (Details) - Cash-Settled Restricted Stock Units	3 Months Ended
	Mar. 31, 2022 shares
Restricted Stock
Beginning of period (in shares)	12,799
Granted (in shares)	67
Released (in shares)	(12,866)
End of period (in shares)	0

Net Income (Loss) per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator for basic and diluted income per common share:
Net income	$ 24,850	$ 25,603
Less: Net income allocated to unvested participating restricted stock	(598)	(548)
Net income available to common stockholders	24,252	25,055
Effect of unvested participating restricted stock in two-class calculation	1	6
Net income available to common stockholders - diluted	$ 24,253	$ 25,061
Denominator:
Weighted average outstanding shares of common stock - basic (in shares)	16,722	16,460
Dilutive effect of stock options (in shares)	36	170
Weighted average outstanding shares of common stock - diluted (in shares)	16,758	16,630
Net income per common share:
Net income per common share - basic (USD per share)	$ 1.45	$ 1.52
Net income per common share - diluted (USD per share)	$ 1.45	$ 1.51

Segments - Narrative (Details)	3 Months Ended
Segments - Narrative (Details)	Mar. 31, 2022 restaurant segment territory country
Franchisor Disclosure [Line Items]
Number of operating segments (segment) \| segment	5
Number of reportable segments (segment) \| segment	4
Applebee's
Franchisor Disclosure [Line Items]
Number of territories in which entity operates (territory) \| territory	2
Number of countries in which entity operates (country) \| country	11
IHOP
Franchisor Disclosure [Line Items]
Number of territories in which entity operates (territory) \| territory	2
Number of countries in which entity operates (country) \| country	7
Franchised Units \| Applebee's
Franchisor Disclosure [Line Items]
Number of restaurants (restaurant)	1,606
Franchised Units \| IHOP
Franchisor Disclosure [Line Items]
Number of restaurants (restaurant)	1,756
Entity Operated Units \| Applebee's
Franchisor Disclosure [Line Items]
Number of restaurants (restaurant)	69

Segments - Schedule of Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Rental revenues	$ 28,807	$ 26,142
Total revenues	230,423	204,199
Interest expense	17,400	18,700
Depreciation and amortization	9,938	9,995
Pretax book income (loss)	34,157	24,014
Operating Segments
Segment Reporting Information [Line Items]
Pretax book income (loss)	92,800	85,300
Corporate
Segment Reporting Information [Line Items]
Interest expense	15,500	16,500
Depreciation and amortization	2,900	2,900
Pretax book income (loss)	(58,600)	(61,300)
Franchise operations \| Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	2,500	2,500
Pretax book income (loss)	83,200	76,000
Rental operations \| Operating Segments
Segment Reporting Information [Line Items]
Rental revenues	28,800	26,100
Interest expense	1,100	1,300
Depreciation and amortization	2,600	2,800
Pretax book income (loss)	6,700	5,200
Company restaurants \| Operating Segments
Segment Reporting Information [Line Items]
Interest expense	800	900
Depreciation and amortization	1,900	1,800
Pretax book income (loss)	2,000	3,100
Financing operations \| Operating Segments
Segment Reporting Information [Line Items]
Pretax book income (loss)	900	1,000
Franchise Revenue:
Segment Reporting Information [Line Items]
Revenue from contract with customer	161,232	140,976
Franchise Revenue: \| Franchise operations \| Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer	161,200	141,000
Company restaurants
Segment Reporting Information [Line Items]
Revenue from contract with customer	39,416	35,949
Company restaurants \| Company restaurants
Segment Reporting Information [Line Items]
Revenue from contract with customer	39,400	36,000
Financing revenues
Segment Reporting Information [Line Items]
Revenue from contract with customer	968	1,132
Financing revenues \| Financing operations \| Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer	$ 1,000	$ 1,100

Closure and Impairment Charges - Long-lived Tangible Asset Impairment and Closure Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Closure charges	$ 0.1	$ 1.9
Long-lived tangible asset impairment	0.0	0.1
Total impairment and closure charges	$ 0.1	$ 2.0

Closure and Impairment Charges - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) restaurant	Mar. 31, 2021 USD ($) restaurant
Goodwill [Line Items]
Closure charges	$ 0.1	$ 1.9
Long-lived tangible asset impairment	$ 0.0	$ 0.1
IHOP
Goodwill [Line Items]
Number of restaurants related to prior period closure charge revisions \| restaurant	28	35

Fair Value Measurements - Fair Value of Non-Current Financial Liabilities (Details) - Level 2 - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Face Value of Class A-2 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 1,287.0	$ 1,287.0
Fair Value of Class A-2 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 1,275.8	$ 1,312.9

Commitments and Contingencies - Narrative (Details) - Applebee's - Property Lease Guarantee $ in Millions	Mar. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Potential liability for guaranteed leases	$ 219.6
Potential liability for guaranteed leases excluding unexercised option periods	$ 48.0

Cash, Cash Equivalents and Restricted Cash - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 294,738	$ 361,412
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	15,000	30,000
IHOP advertising funds and gift card programs \| IHOP
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	92,400	101,500
Other depository accounts
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 187,300	$ 229,900

Cash, Cash Equivalents and Restricted Cash - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Non-current restricted cash	$ 16,400	$ 16,400

Cash, Cash Equivalents and Restricted Cash - Schedule of Current Restricted Cash (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Total current restricted cash	$ 47.2	$ 47.5
Securitized debt reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Total current restricted cash	30.6	29.9
Applebee's advertising funds \| Applebee's
Restricted Cash and Cash Equivalents Items [Line Items]
Total current restricted cash	16.5	17.5
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Total current restricted cash	$ 0.1	$ 0.1