0000049754-21-000014 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2021	Apr. 28, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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	91203-1903
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		17,157,339
Entity Central Index Key	0000049754
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 179,567	$ 383,369
Receivables, net of allowance of $11,854 (2021) and $15,057 (2020)	107,387	121,897
Restricted cash	60,063	39,884
Prepaid gift card costs	22,581	29,080
Prepaid income taxes	6,940	6,178
Other current assets	9,171	6,098
Total current assets	385,709	586,506
Other intangible assets, net	547,098	549,671
Operating lease right-of-use assets	338,572	346,086
Goodwill	251,628	251,628
Property and equipment, net	182,661	187,977
Long-term receivables, net of allowance of $6,455 (2021) and $7,999 (2020)	51,605	54,512
Deferred rent receivable	54,713	56,449
Non-current restricted cash	32,800	32,800
Other non-current assets, net	11,503	9,316
Total assets	1,856,289	2,074,945
Current liabilities:
Current maturities of long-term debt	13,000	13,000
Accounts payable	33,522	37,424
Gift card liability	121,814	144,159
Current maturities of operating lease obligations	70,270	69,672
Current maturities of finance lease and financing obligations	11,052	11,293
Accrued employee compensation and benefits	14,554	21,237
Deferred franchise revenue, short-term	8,990	7,682
Accrued advertising	44,477	21,641
Other accrued expenses	17,417	22,460
Total current liabilities	335,096	348,568
Long-term debt	1,271,438	1,491,996
Operating lease obligations, less current maturities	334,361	345,163
Finance lease obligations, less current maturities	66,234	69,012
Financing obligations, less current maturities	32,598	32,797
Deferred income taxes, net	70,006	78,293
Deferred franchise revenue, long-term	49,364	52,237
Other non-current liabilities	14,594	11,530
Total liabilities	2,173,691	2,429,596
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, 2021 - 25,033,181 issued, 17,142,367 outstanding; December 31, 2020 - 24,882,122 issued, 16,452,174 outstanding	250	249
Additional paid-in-capital	247,498	257,625
Accumulated deficit	(29,950)	(55,553)
Accumulated other comprehensive loss	(56)	(55)
Treasury stock, at cost; shares: March 31, 2021 - 7,890,814; December 31, 2020 - 8,429,948	(535,144)	(556,917)
Total stockholders’ deficit	(317,402)	(354,651)
Total liabilities and stockholders’ deficit	$ 1,856,289	$ 2,074,945

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Receivables, allowance for credit loss	$ 11,854	$ 15,057
Long-term receivables, allowance for credit loss	$ 6,455	$ 7,999
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)	25,033,181	24,882,122
Common stock, shares outstanding (in shares)	17,142,367	16,452,174
Treasury stock, shares (in shares)	7,890,814	8,429,948

Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Rental revenues	$ 26,142	$ 29,009
Total revenues	204,199	206,884
Cost of revenues:
Franchise expenses	64,943	69,450
Company restaurant expenses	32,884	30,332
Interest expense from finance leases	962	1,210
Other rental expenses	19,996	21,323
Total rental expenses	20,958	22,533
Financing expenses	128	142
Total cost of revenues	118,913	122,457
Gross profit	85,286	84,427
General and administrative expenses	39,911	37,608
Interest expense, net	16,496	15,172
Closure and impairment charges (credit)	2,010	(12)
Amortization of intangible assets	2,688	2,826
Loss (gain) on disposition of assets	167	(233)
Income before income taxes	24,014	29,066
Income tax benefit (provision)	1,589	(6,738)
Net income	25,603	22,328
Other comprehensive income net of tax:
Foreign currency translation adjustment	(1)	0
Total comprehensive income	25,602	22,328
Net income available to common stockholders:
Net income	25,603	22,328
Less: Net income allocated to unvested participating restricted stock	(548)	(748)
Net income available to common stockholders	$ 25,055	$ 21,580
Net income available to common stockholders per share:
Basic (USD per share)	$ 1.52	$ 1.33
Diluted (USD per share)	$ 1.51	$ 1.31
Weighted average shares outstanding:
Basic (in shares)	16,460	16,263
Diluted (in shares)	16,630	16,470
Franchise revenues
Revenues:
Revenue from contract with customer	$ 140,976	$ 145,037
Royalties, franchise fees and other
Revenues:
Revenue from contract with customer	80,091	83,314
Advertising revenues
Revenues:
Revenue from contract with customer	60,885	61,723
Company restaurant sales
Revenues:
Revenue from contract with customer	35,949	31,300
Financing revenues
Revenues:
Revenue from contract with customer	1,132	1,538
Advertising fees
Revenues:
Revenue from contract with customer	60,885	61,723
Cost of revenues:
Franchise expenses	60,885	61,723
Bad debt (credit) expense
Cost of revenues:
Franchise expenses	(1,993)	518
Other franchise expenses
Cost of revenues:
Franchise expenses	$ 6,051	$ 7,209

Consolidated Statements of Stockholders' Deficit - USD ($) $ in Thousands	Total	Cumulative Effect, Period Of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period Of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Treasury Stock
Common stock, beginning balance (in shares) at Dec. 31, 2019			16,522,000
Stockholders' equity balance, beginning of the period at Dec. 31, 2019	$ (241,774)	$ (497)	$ 249	$ 246,192	$ 61,653	$ (497)	$ (58)	$ (549,810)
Treasury stock, beginning balance (in shares) at Dec. 31, 2019								8,404,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201613Member
Net income	$ 22,328				22,328
Purchase of Company common stock (in shares)			(460,000)					(460,000)
Purchase of Company common stock	(26,527)							$ (26,527)
Reissuance of treasure stock (in shares)			367,000					368,000
Reissuance of treasury stock	20,524			3,967				$ 16,557
Net issuance of shares for stock plans (in shares)			18,000
Repurchase of restricted shares for taxes (in shares)			(26,000)
Repurchase of restricted shares for taxes	(2,000)			(2,000)
Stock-based compensation	4,038			4,038
Dividends on common stock	(12,469)			246	(12,715)
Common stock, ending balance (in shares) at Mar. 31, 2020			16,421,000
Stockholders' equity balance, ending of the period at Mar. 31, 2020	$ (236,377)		$ 249	252,443	70,769		(58)	$ (559,780)
Treasury stock, ending balance (in shares) at Mar. 31, 2020								8,496,000
Common stock, beginning balance (in shares) at Dec. 31, 2020	16,452,174		16,452,000
Stockholders' equity balance, beginning of the period at Dec. 31, 2020	$ (354,651)		$ 249	257,625	(55,553)		(55)	$ (556,917)
Treasury stock, beginning balance (in shares) at Dec. 31, 2020	8,429,948							8,430,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 25,603				25,603
Other comprehensive income	$ (1)						(1)
Reissuance of treasure stock (in shares)	539,134		539,000					539,000
Reissuance of treasury stock	$ 19,484		$ 1	(2,290)				$ 21,773
Net issuance 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 withheld related to settlement of restricted stock units	$ (9,711)			(9,711)
Common stock, ending balance (in shares) at Mar. 31, 2021	17,142,367		17,142,000
Stockholders' equity balance, ending of the period at Mar. 31, 2021	$ (317,402)		$ 250	$ 247,498	$ (29,950)		$ (56)	$ (535,144)
Treasury stock, ending balance (in shares) at Mar. 31, 2021	7,890,814							7,891,000

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 25,603	$ 22,328
Adjustments to reconcile net income to cash flows provided by operating activities:
Non-cash closure and impairment charges (credit)	1,959	(12)
Depreciation and amortization	9,995	10,641
Non-cash stock-based compensation expense	3,094	4,038
Non-cash interest expense	712	655
Deferred income taxes	(8,267)	(10,491)
Deferred revenue	(1,565)	(1,417)
Loss (gain) on disposition of assets	167	(227)
Other	(1,580)	(1,293)
Changes in operating assets and liabilities:
Accounts receivable, net	(4,323)	12,077
Current income tax receivables and payables	(552)	6,443
Gift card receivables and payables	(3,246)	11,693
Other current assets	(3,072)	(2,347)
Accounts payable	809	(12,748)
Accrued employee compensation and benefits	(6,968)	(12,190)
Accrued advertising	22,836	(4,719)
Other current liabilities	(5,037)	7,214
Cash flows provided by operating activities	30,565	29,645
Cash flows from investing activities:
Principal receipts from notes, equipment contracts and other long-term receivables	4,651	5,544
Net additions to property and equipment	(2,357)	(5,084)
Proceeds from sale of property and equipment	946	6
Additions to long-term receivables	0	(1,511)
Other	(110)	(195)
Cash flows provided by (used in) investing activities	3,130	(1,240)
Cash flows from financing activities:
Repayment of long-term debt	(3,250)	0
Borrowing from revolving credit facility	0	220,000
Repayment of revolving credit facility	(220,000)	0
Dividends paid on common stock	0	(11,451)
Repurchase of common stock	0	(29,853)
Principal payments on finance lease obligations	(2,621)	(2,981)
Proceeds from stock options exercised	19,484	20,524
Tax payments for restricted stock upon vesting	(1,220)	(2,000)
Tax payments for share settlement of restricted stock units	(9,711)	0
Cash flows (used in) provided by financing activities	(217,318)	194,239
Net change in cash, cash equivalents and restricted cash	(183,623)	222,644
Cash, cash equivalents and restricted cash at beginning of period	456,053	172,475
Cash, cash equivalents and restricted cash at end of period	272,430	395,119
Supplemental disclosures:
Interest paid in cash	17,240	16,446
Income taxes paid in cash	7,441	10,818
Non-cash conversion of accounts receivable to notes receivable	$ 1,269	$ 0

General	3 Months Ended
General	Mar. 31, 2021
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, 2021 are not necessarily indicative of the results that may be expected for the twelve months ending December 31, 2021. The consolidated balance sheet at December 31, 2020 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, 2020.

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2021
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 2021 began on January 4, 2021 and ended on April 4, 2021. The first fiscal quarter of 2020 began on December 30, 2019 and ended on March 29, 2020. 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.” The extent of the continued impact of the COVID-19 pandemic on the Company's business is highly uncertain and difficult to predict, as measures taken in response to and the effect of the pandemic has varied and continues to vary by state and municipalities within states. Assessments of the success of measures taken and the timing of any further restrictions, or lifting of such restrictions, is rapidly evolving. The Company first began to experience impacts from COVID-19 in March 2020, as federal, state, local and international governments began to react 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. Subsequently, government-imposed dine-in restrictions have been relaxed in many of the locations in which the Company operates as incidents of infection decline within the respective governmental jurisdictions, although dining room capacity continues to be limited to 50% or less at over two-thirds of the Company's restaurants as of March 31, 2021. The Company took several actions to mitigate the effects of the COVID-19 pandemic on its operations and its franchisees, as follows: (i) drew down $220 million from its revolving credit facility in March 2020 and repaid the borrowing in March 2021;(ii) suspended repurchases of common stock; (iii) the Company's Board of Directors has not declared dividends after the first quarter of 2020; (iv) voluntarily increased the interest reserve for securitized debt from the required $16.4 million (approximately one quarter of estimated interest) to $32.8 million; (v) deferred franchisee payment of royalty, advertising and other fees, and lease obligations for up to two months on a case-by-case basis; (vi) deferred franchisee remodel and development obligations for up to 15 months; and (vii) negotiated deferrals and abatements for properties on which the Company was lessee. 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 length of time dine-in restrictions remain in place and 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 is highly uncertain.

Accounting Standards Adopted and Newly Issued Accounting Standards Not Yet Adopted	3 Months Ended
	Mar. 31, 2021
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 December 2019, the Financial Accounting Standards Board (“FASB”) issued new guidance intended to simplify the accounting for income taxes, change the accounting for certain income tax transactions, and make other minor changes. The Company adopted the new guidance at the beginning of the first fiscal quarter of 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 2021 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. We are currently evaluating our 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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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(2)

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(3)

+ Details

Revenue Disclosures

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue Disclosures

Revenue DisclosuresFranchise 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 collectibility 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, 2021 and 2020:


	Three Months Ended
	March 31,
		2021		2020
		(In thousands)
Franchise Revenue:
Royalties		$	65,767	$	67,600
Advertising fees		60,885		61,723
Pancake and waffle dry mix sales and other		10,890		12,848
Franchise and development fees		3,434		2,866
Total franchise revenue		$	140,976	$	145,037

Accounts and other receivables from franchisees as of March 31, 2021 and December 31, 2020 were $79.5 million (net of allowance of $7.7 million) and $76.3 million (net of allowance of $11.4 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, 2021 are as follows:


	Deferred Franchise Revenue (short- and long-term)
	(In thousands)
Balance at December 31, 2020	$	59,919
Recognized as revenue during the three months ended March 31, 2021	(3,354)
Fees deferred during the three months ended March 31, 2021	1,789
Balance at March 31, 2021	$	58,354

The balance of deferred revenue as of March 31, 2021 is expected to be recognized as follows:


	(In thousands)
Remainder of 2021	$	7,931
2022	7,130
2023	6,629
2024	6,044
2025	5,268
Thereafter	25,352
Total	$	58,354

- 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
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Current Expected Credit Losses

3 Months Ended

Mar. 31, 2021

Credit Loss [Abstract]

Current Expected Credit Losses

Current Expected Credit Losses 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 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 $9.4 million as of March 31, 2021.

Equipment Leases Receivable

Equipment leases receivable also relate to IHOP franchise development activity prior to 2003. 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 5.2 years as of March 31, 2021.

Direct Financing Leases Receivable

Direct financing lease receivables 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. IHOP provided the financing for leasing or subleasing the site. Direct financing leases at March 31, 2021, comprised 85 leases with a weighted average remaining life of 4.1 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, 2021		December 31, 2020
	(In millions)
Accounts receivable	$	84.8	$	85.7
Gift card receivables	5.4		22.5
Notes receivable	20.4		18.6
Financing receivables:
Equipment leases receivable	40.8		43.9
Direct financing leases receivable	20.1		22.7
Franchise fee notes receivable	0.1		0.1
Other	5.7		6.0
	177.3		199.5
Less: allowance for credit losses	(18.3)		(23.1)
	159.0		176.4
Less: current portion	(107.4)		(121.9)
Long-term receivables	$	51.6	$	54.5

Changes in the allowance for credit losses during the three months ended March 31, 2021 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, 2020	$	11.2	$	3.6	$	5.3	$	0.4	$	2.3	$	0.3	$	23.1

Bad debt (credit) expense for the three months ended March 31, 2021	(2.0)		0.5		(0.0)		(0.3)		(0.1)		(0.1)		(2.0)
Advertising provision adjustment	(1.4)		(0.0)		—		—		—		—		(1.4)
Write-offs	(0.2)		—		—		0.0		(1.2)		—		(1.4)
Recoveries	—		—		—		0.0		—		—		0.0
Balance, March 31, 2021	$	7.6	$	4.1	$	5.3	$	0.1	$	1.0	$	0.2	$	18.3

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

The Company's primary credit quality indicator for all portfolio segments is delinquency. The delinquency status of receivables (other than accounts receivable, gift card receivables and distributor receivables) at March 31, 2021 was as follows:



	Notes receivable, short-term		Notes receivable, long-term		Lease Receivables		Equipment Notes		Other (1)		Total
	(In millions)
Current	$	5.2	$	12.7	$	20.1	$	40.8	$	2.2	$	81.0
30-59 days	0.1		—		—		—		—		0.1
60-89 days	0.1		—		—		—		—		0.1
90-119 days	0.1		—		—		—		—		0.1
120+ days	2.2		—		—		—		—		2.2
Total	$	7.7	$	12.7	$	20.1	$	40.8	$	2.2	$	83.5

(1) Primarily credit card receivables

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



	Notes receivable, short and long-term		Lease Receivables		Equipment Notes		Total
	(In millions)
2021	$	2.2	$	—	$	—	$	2.2
2020	1.2		1.5		—		2.7
2019	2.6		0.9		—		3.5
2018	8.0		—		—		8.0
2017	6.3		—		—		6.3
2016	0.1		17.7		40.8		58.6
Total	$	20.4	$	20.1	$	40.8	$	81.3

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, 2021

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 550 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 55 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 Kansas City, Missouri 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 240 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, 2021. Approximately 30 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, 2021.

The Company's lease cost for the three months ended March 31, 2021 and 2020 was as follows:


	Three months ended March 31,
			2021		2020
		(In millions)
Finance lease cost:
Amortization of right-of-use assets			$	1.2	$	1.3
Interest on lease liabilities			1.4		1.7
Operating lease cost			25.1		26.5
Variable lease cost			0.3		0.4
Short-term lease cost			0.0		0.0
Sublease income			(24.2)		(26.6)
Lease cost			$	3.8	$	3.3

Future minimum lease payments under noncancelable leases as lessee as of March 31, 2021 were as follows:


	Finance Leases		Operating Leases
	(In millions)
2021 (remaining nine months)	$	11.7	$	69.0
2022	14.4		86.2
2023	11.6		71.0
2024	9.7		65.8
2025	8.5		57.0
Thereafter	50.8		146.6
Total minimum lease payments	106.7		495.6
Less: interest/imputed interest	(30.2)		(90.9)
Total obligations	76.5		404.7
Less: current portion	(10.3)		(70.3)
Long-term lease obligations	$	66.2	$	334.4

The weighted average remaining lease term as of March 31, 2021 was 7.2 years for finance leases and 9.2 years for operating leases. The weighted average discount rate as of March 31, 2021 was 10.2% for finance leases and 5.6% for operating leases.

During the three months ended March 31, 2021 and 2020, the Company made the following cash payments for leases:


	Three months ended March 31,
			2021		2020
		(In millions)
Principal payments on finance lease obligations			$	2.6	$	3.0
Interest payments on finance lease obligations			$	1.5	$	1.7
Payments on operating leases			$	23.0	$	23.4
Variable lease payments			$	0.3	$	0.1

The Company's income from operating leases for the three months ended March 31, 2021 and 2020 was as follows:


	Three months ended March 31,
			2021		2020
		(In millions)
Minimum lease payments			$	23.8	$	25.4
Variable lease income			1.6		2.4
Total operating lease income			$	25.4	$	27.8

Minimum payments to be received as lessor under noncancelable operating leases as of March 31, 2021 were as follows:



	(In millions)
2021 (remaining nine months)	$	75.6
2022	98.8
2023	95.0
2024	86.9
2025	75.0
Thereafter	164.3
Total minimum rents receivable	$	595.6

The Company's income from direct financing leases for the three months ended March 31, 2021 and 2020 was as follows:


	Three months ended March 31,
			2021		2020
		(In millions)
Interest income			$	0.6	$	1.0
Variable lease income			0.1		0.2
Total operating lease income			$	0.7	$	1.2

Minimum payments to be received as lessor under noncancelable direct financing leases as of March 31, 2021 were as follows:



	(In millions)
2021 (remaining nine months)	$	7.5
2022	7.5
2023	3.6
2024	1.5
2025	0.7
Thereafter	3.1
Total minimum rents receivable	23.9
Less: unearned income	(3.8)
Total net investment in direct financing leases	20.1
Less: current portion	(7.9)
Long-term investment in direct financing leases	$	12.2

Lease Disclosures

The Company's lease cost for the three months ended March 31, 2021 and 2020 was as follows:


	Three months ended March 31,
			2021		2020
		(In millions)
Finance lease cost:
Amortization of right-of-use assets			$	1.2	$	1.3
Interest on lease liabilities			1.4		1.7
Operating lease cost			25.1		26.5
Variable lease cost			0.3		0.4
Short-term lease cost			0.0		0.0
Sublease income			(24.2)		(26.6)
Lease cost			$	3.8	$	3.3

Future minimum lease payments under noncancelable leases as lessee as of March 31, 2021 were as follows:


	Finance Leases		Operating Leases
	(In millions)
2021 (remaining nine months)	$	11.7	$	69.0
2022	14.4		86.2
2023	11.6		71.0
2024	9.7		65.8
2025	8.5		57.0
Thereafter	50.8		146.6
Total minimum lease payments	106.7		495.6
Less: interest/imputed interest	(30.2)		(90.9)
Total obligations	76.5		404.7
Less: current portion	(10.3)		(70.3)
Long-term lease obligations	$	66.2	$	334.4

During the three months ended March 31, 2021 and 2020, the Company made the following cash payments for leases:


	Three months ended March 31,
			2021		2020
		(In millions)
Principal payments on finance lease obligations			$	2.6	$	3.0
Interest payments on finance lease obligations			$	1.5	$	1.7
Payments on operating leases			$	23.0	$	23.4
Variable lease payments			$	0.3	$	0.1

The Company's income from operating leases for the three months ended March 31, 2021 and 2020 was as follows:


	Three months ended March 31,
			2021		2020
		(In millions)
Minimum lease payments			$	23.8	$	25.4
Variable lease income			1.6		2.4
Total operating lease income			$	25.4	$	27.8

Minimum payments to be received as lessor under noncancelable operating leases as of March 31, 2021 were as follows:



	(In millions)
2021 (remaining nine months)	$	75.6
2022	98.8
2023	95.0
2024	86.9
2025	75.0
Thereafter	164.3
Total minimum rents receivable	$	595.6

The Company's income from direct financing leases for the three months ended March 31, 2021 and 2020 was as follows:


	Three months ended March 31,
			2021		2020
		(In millions)
Interest income			$	0.6	$	1.0
Variable lease income			0.1		0.2
Total operating lease income			$	0.7	$	1.2

Minimum payments to be received as lessor under noncancelable direct financing leases as of March 31, 2021 were as follows:



	(In millions)
2021 (remaining nine months)	$	7.5
2022	7.5
2023	3.6
2024	1.5
2025	0.7
Thereafter	3.1
Total minimum rents receivable	23.9
Less: unearned income	(3.8)
Total net investment in direct financing leases	20.1
Less: current portion	(7.9)
Long-term investment in direct financing leases	$	12.2

Long-Term Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Long-Term Debt

At March 31, 2021 and December 31, 2020, long-term debt consisted of the following:


	March 31, 2021		December 31, 2020
	(In millions)
Series 2019-1 4.194% Fixed Rate Senior Secured Notes, Class A-2-I	$	696.5	$	698.3
Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II	597.0		598.5
Series 2019-1 Variable Funding Senior Notes Class A-1, variable interest rate of 2.42% at December 31, 2020	—		220.0
Debt issuance costs	(9.1)		(11.8)
Long-term debt, net of debt issuance costs	1,284.4		1,505.0
Current portion of long-term debt	(13.0)		(13.0)
Long-term debt	$	1,271.4	$	1,492.0

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 in 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. 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, 2021, the Company's leverage ratio was 7.02x. As a result, quarterly principal payments on the 2019 Class A-2 Notes of $3.25 million continue to be required. Exceeding the leverage ratio of 5.25x does not violate any covenant related to the New Notes.

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, 2021, the make-whole premium associated with voluntary prepayment of the Class A-2-I Notes was approximately $29 million; this amount declines progressively each quarter to zero in June 2022. As of March 31, 2021, the make-whole premium associated with voluntary prepayment of the Class A-2-II Notes was approximately $59 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, 2021, 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 maximum amount of borrowings from the Credit Facility outstanding during the three months ended March 31, 2021 was $220.0 million. The $220.0 million was repaid on March 5, 2021 and as of March 31, 2021, 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. The weighted average interest rate on Credit Facility borrowings for the period outstanding during the three months ended March 31, 2021 was 2.4%.

At March 31, 2021, $3.3 million was pledged against the Credit Facility for outstanding letters of credit, leaving $221.7 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, 2021 was approximately 3.45x.

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, 2021 and 2020, 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, 2021 and 2020, respectively.

At March 31, 2021, total unamortized debt issuance costs of $9.1 million are reported as a direct reduction of the 2019 Class A-2 Notes in the Consolidated Balance Sheets. At March 31, 2021, total unamortized debt issuance costs of $2.0 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 in 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.

Stockholders' Deficit

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Stockholders' Deficit

Dividends

Dividends declared and paid per share for the three months ended March 31, 2021 and 2020 were as follows:


	Three months ended March 31,
		2021		2020
Dividends declared per common share		$	—	$	0.76
Dividends paid per common share		$	—	$	0.69

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.

The Company did not repurchase any shares during three months ended March 31, 2021, as compared to repurchasing 459,899 shares during the three months ended March 31, 2020. As of March 31, 2021, cumulative repurchases of stock total 1,697,597 shares at a cost of $129.8 million, with a dollar value of $70.2 million remaining for repurchase under the 2019 Repurchase Program.

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, 2021, the Company re-issued 539,134 shares of treasury stock at a total FIFO cost of $21.8 million.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate was (6.6)% (a tax benefit of $1.6 million on the pretax book income of $24.0 million) for the three months ended March 31, 2021, as compared to 23.2% for the three months ended March 31, 2020. The effective tax rate for the three months ended March 31, 2021 was lower than the rate of the prior year period primarily due to the recognition of excess tax benefits on stock-based compensation. The total gross unrecognized tax benefit as of March 31, 2021 and December 31, 2020 was $2.5 million and $2.2 million, respectively, excluding interest, penalties and related tax benefits. The Company estimates the unrecognized tax benefit as of March 31, 2021 may decrease over the upcoming 12 months by an amount up to $0.8 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, 2021, accrued interest was $0.9 million and accrued penalties were less than $0.1 million, excluding any related income tax benefits. As of December 31, 2020, accrued interest was $0.9 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. On March 11, 2021, the American Rescue Plan Act of 2021 (“ARP Act”) was enacted in response to the COVID-19 pandemic. The Company is continuing to evaluate the impact of the ARP Act, but at present does not expect the ARP Act would result in a material impact to our income tax benefit or provision.

- 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 + Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2021

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,
			2021		2020
Total stock-based compensation expense:		(In millions)

Equity classified awards expense			$	3.1	$	4.1
Liability classified awards expense (credit)			1.5		(0.6)
Total pre-tax stock-based compensation expense			4.6		3.5
Book income tax benefit			(1.1)		(0.9)
Total stock-based compensation expense, net of tax			$	3.5	$	2.6

As of March 31, 2021, total unrecognized compensation expense of $23.6 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 Company granted 91,743 stock options during the three months ended March 31, 2021 for which the fair value was estimated using a Black-Scholes option pricing model. The following summarizes the weighted average assumptions used in the Black-Scholes model:


Risk-free interest rate	0.5	%
Historical volatility	67.7	%
Dividend yield	—	%
Expected years until exercise	4.5
Fair value of options granted	$39.85

Equity Classified Awards - Stock Options

Stock option balances at March 31, 2021, and activity for the three months ended March 31, 2021 were as follows:


	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value (in Millions)
Outstanding at December 31, 2020	1,014,670	$	64.16
Granted	91,743	74.57
Exercised	(428,376)	45.48
Expired	(20,169)	98.11
Forfeited	(36,093)	88.46
Outstanding at March 31, 2021	621,775	76.06		6.7	$	10.5
Vested at March 31, 2021 and Expected to Vest	595,541	75.87		6.6	$	10.2
Exercisable at March 31, 2021	423,603	$	72.91	5.6	$	8.7

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 2021 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, 2021. 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, 2021, and activity related to restricted stock and restricted stock units for the three months ended March 31, 2021 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, 2020	254,331	$	76.50	355,570	$	28.01
Granted	110,840	82.44		68,578	62.92
Released	(40,416)	66.16		(314,713)	22.84
Forfeited	(18,644)	84.15		—	—
Outstanding at March 31, 2021	306,111	$	79.55	109,435	$	64.76

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, 2020						52,956

Released						(38,171)
Forfeited						(54)
Outstanding at March 31, 2021						14,731

For the three months ended March 31, 2021 and 2020, an expense of $1.4 million and a credit of $1.3 million, respectively, was included as stock-based compensation expense related to cash-settled restricted stock units. At March 31, 2021 and December 31, 2020, liabilities of $0.8 million and $2.1 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, 2021 and 2020, an expense of $0.1 million and $0.8 million, respectively, were included in total stock-based compensation expense related to LTIP awards. At March 31, 2021 and December 31, 2020, liabilities of $0.8 million and $2.1 million, respectively, related to LTIP awards were included as part of accrued employee compensation and benefits in the Consolidated Balance Sheets.

Segments

3 Months Ended

Mar. 31, 2021

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, 2021, the franchise operations segment consisted of (i) 1,636 restaurants operated by Applebee’s franchisees in the United States, two U.S. territories and 11 countries outside the United States and (ii) 1,749 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 direct financing 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,
		2021		2020
		(In millions)
Revenues from external customers:

Franchise operations		$	141.0	$	145.1
Rental operations		26.1		29.0
Company restaurants		36.0		31.3
Financing operations		1.1		1.5
Total		$	204.2	$	206.9

Interest expense:

Rental operations		$	1.3	$	1.6
Company restaurants		0.9		0.5
Corporate		16.5		15.2
Total		$	18.7	$	17.3

Depreciation and amortization:

Franchise operations		$	2.5	$	2.6
Rental operations		2.8		3.1
Company restaurants		1.8		1.6
Corporate		2.9		3.3
Total		$	10.0	$	10.6

Gross profit, by segment:

Franchise operations		$	76.0	$	75.6
Rental operations		5.2		6.5
Company restaurants		3.1		1.0
Financing operations		1.0		1.3
Total gross profit		85.3		84.4
Corporate and unallocated expenses, net		(61.3)		(55.3)
Income before income taxes		$	24.0	$	29.1

- 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
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-Section 50
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+ Details

Net Income per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

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,
			2021		2020
		(In thousands, except per share data)
Numerator for basic and diluted income per common share:
Net income			$	25,603	$	22,328
Less: Net income allocated to unvested participating restricted stock			(548)		(748)
Net income available to common stockholders - basic			25,055		21,580
Effect of unvested participating restricted stock in two-class calculation			6		4

Net income available to common stockholders - diluted			$	25,061	$	21,584
Denominator:
Weighted average outstanding shares of common stock - basic			16,460		16,263
Dilutive effect of stock options			170		207
Weighted average outstanding shares of common stock - diluted			16,630		16,470
Net income per common share:
Basic			$	1.52	$	1.33
Diluted			$	1.51	$	1.31

Closure and Impairment Charges

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Closure and Impairment Charges

Closure and Long-lived Asset Impairment Charges

Closure and long-lived tangible asset impairment charges for the three months ended March 31, 2021 were as follows:


	Three Months Ended
	March 31,
		2021		2020
		(In millions)
Closure charges		$	1.9	$	(0.0)
Long-lived tangible asset impairment		0.1		0.0
Total closure and long-lived asset impairment charges		$	2.0	$	(0.0)

Closure Charges

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

Long-lived Tangible Asset Impairment

The long-lived asset impairment of $0.1 million for the three months ended March 31, 2021 related one IHOP franchisee-operated restaurant for which the carrying amount exceeded the undiscounted cash flows. The impairment recorded represented the difference between the carrying value and the estimated fair value. The impairment related to operating lease right-of-use assets that had been recorded in 2019 upon adoption of new lease accounting guidance codified in Accounting Standards Codification Topic 842.

Fair Value Measurements

3 Months Ended

Mar. 31, 2021

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, 2021 and December 31, 2020 were as follows:


	March 31, 2021		December 31, 2020
	(In millions)
Face Value of Class A-2 Notes	$	1,293.5	$	1,296.8
Fair Value of Class A-2 Notes	$	1,338.5	$	1,259.5

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, 2021
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 $235.9 million as of March 31, 2021. 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 2021 through 2048. Excluding unexercised option periods, the Company's potential liability for future payments under these leases is $34.2 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, 2021

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, 2021		December 31, 2020
	(In millions)
Money market funds	$	30.0	$	175.0
IHOP advertising funds and gift card programs	72.0		71.6
Other depository accounts	77.6		136.8
Total cash and cash equivalents	$	179.6	$	383.4

The decrease in total cash and cash equivalents between December 31, 2020 and March 31, 2021 was due to the repayment of $220.0 million previously drawn on the Company's Credit Facility.

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, 2021		December 31, 2020
	(In millions)
Securitized debt reserves	$	33.9	$	27.0
Applebee's advertising funds	26.1		12.8
Other	0.1		0.1
Total current restricted cash	$	60.1	$	39.9

Non-current Restricted Cash

Non-current restricted cash was $32.8 million at both March 31, 2021 and December 31, 2020 and represents interest reserves required to be set aside for the duration of the Company's securitized debt. The required reserve is approximately one quarter's interest payment on the Company's securitized debt, currently approximately $16 million. The Company voluntarily increased the amount held in non-current cash to twice the required amount during the year ended December 31, 2020

Accounting Standards Adopted and Newly Issued Accounting Standards Not Yet Adopted (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [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 2021 began on January 4, 2021 and ended on April 4, 2021. The first fiscal quarter of 2020 began on December 30, 2019 and ended on March 29, 2020.
Risks and Uncertainties	Risks and UncertaintiesThe Company was subject to risks and uncertainties as a result of the continuing outbreak of a novel strain of coronavirus, designated “COVID-19.” The extent of the continued impact of the COVID-19 pandemic on the Company's business is highly uncertain and difficult to predict, as measures taken in response to and the effect of the pandemic has varied and continues to vary by state and municipalities within states. Assessments of the success of measures taken and the timing of any further restrictions, or lifting of such restrictions, is rapidly evolving. The Company first began to experience impacts from COVID-19 in March 2020, as federal, state, local and international governments began to react 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. Subsequently, government-imposed dine-in restrictions have been relaxed in many of the locations in which the Company operates as incidents of infection decline within the respective governmental jurisdictions, although dining room capacity continues to be limited to 50% or less at over two-thirds of the Company's restaurants as of March 31, 2021.
Accounting Standards Adopted in the Current Fiscal Year and Not Yet Adopted	Accounting Standards Adopted in the Current Fiscal Year In December 2019, the Financial Accounting Standards Board (“FASB”) issued new guidance intended to simplify the accounting for income taxes, change the accounting for certain income tax transactions, and make other minor changes. The Company adopted the new guidance at the beginning of the first fiscal quarter of 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 2021 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. We are currently evaluating our 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, 2021

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, 2021 and 2020:


	Three Months Ended
	March 31,
		2021		2020
		(In thousands)
Franchise Revenue:
Royalties		$	65,767	$	67,600
Advertising fees		60,885		61,723
Pancake and waffle dry mix sales and other		10,890		12,848
Franchise and development fees		3,434		2,866
Total franchise revenue		$	140,976	$	145,037

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, 2021 are as follows:


	Deferred Franchise Revenue (short- and long-term)
	(In thousands)
Balance at December 31, 2020	$	59,919
Recognized as revenue during the three months ended March 31, 2021	(3,354)
Fees deferred during the three months ended March 31, 2021	1,789
Balance at March 31, 2021	$	58,354

Schedule of Remaining Performance Obligations

The balance of deferred revenue as of March 31, 2021 is expected to be recognized as follows:


	(In thousands)
Remainder of 2021	$	7,931
2022	7,130
2023	6,629
2024	6,044
2025	5,268
Thereafter	25,352
Total	$	58,354

Current Expected Credit Losses (Tables)

3 Months Ended

Mar. 31, 2021

Credit Loss [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable


	March 31, 2021		December 31, 2020
	(In millions)
Accounts receivable	$	84.8	$	85.7
Gift card receivables	5.4		22.5
Notes receivable	20.4		18.6
Financing receivables:
Equipment leases receivable	40.8		43.9
Direct financing leases receivable	20.1		22.7
Franchise fee notes receivable	0.1		0.1
Other	5.7		6.0
	177.3		199.5
Less: allowance for credit losses	(18.3)		(23.1)
	159.0		176.4
Less: current portion	(107.4)		(121.9)
Long-term receivables	$	51.6	$	54.5

Schedule of Changes in Allowance for Credit Losses

Changes in the allowance for credit losses during the three months ended March 31, 2021 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, 2020	$	11.2	$	3.6	$	5.3	$	0.4	$	2.3	$	0.3	$	23.1

Bad debt (credit) expense for the three months ended March 31, 2021	(2.0)		0.5		(0.0)		(0.3)		(0.1)		(0.1)		(2.0)
Advertising provision adjustment	(1.4)		(0.0)		—		—		—		—		(1.4)
Write-offs	(0.2)		—		—		0.0		(1.2)		—		(1.4)
Recoveries	—		—		—		0.0		—		—		0.0
Balance, March 31, 2021	$	7.6	$	4.1	$	5.3	$	0.1	$	1.0	$	0.2	$	18.3

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

Schedule of Delinquency Status of Receivable



	Notes receivable, short-term		Notes receivable, long-term		Lease Receivables		Equipment Notes		Other (1)		Total
	(In millions)
Current	$	5.2	$	12.7	$	20.1	$	40.8	$	2.2	$	81.0
30-59 days	0.1		—		—		—		—		0.1
60-89 days	0.1		—		—		—		—		0.1
90-119 days	0.1		—		—		—		—		0.1
120+ days	2.2		—		—		—		—		2.2
Total	$	7.7	$	12.7	$	20.1	$	40.8	$	2.2	$	83.5

(1) Primarily credit card receivables

Financing Receivable Credit Quality Indicators

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



	Notes receivable, short and long-term		Lease Receivables		Equipment Notes		Total
	(In millions)
2021	$	2.2	$	—	$	—	$	2.2
2020	1.2		1.5		—		2.7
2019	2.6		0.9		—		3.5
2018	8.0		—		—		8.0
2017	6.3		—		—		6.3
2016	0.1		17.7		40.8		58.6
Total	$	20.4	$	20.1	$	40.8	$	81.3

Lease Disclosures (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Schedule of Lease Cost

The Company's lease cost for the three months ended March 31, 2021 and 2020 was as follows:


	Three months ended March 31,
			2021		2020
		(In millions)
Finance lease cost:
Amortization of right-of-use assets			$	1.2	$	1.3
Interest on lease liabilities			1.4		1.7
Operating lease cost			25.1		26.5
Variable lease cost			0.3		0.4
Short-term lease cost			0.0		0.0
Sublease income			(24.2)		(26.6)
Lease cost			$	3.8	$	3.3

Schedule of Operating Lease Liability Future Maturity

Future minimum lease payments under noncancelable leases as lessee as of March 31, 2021 were as follows:


	Finance Leases		Operating Leases
	(In millions)
2021 (remaining nine months)	$	11.7	$	69.0
2022	14.4		86.2
2023	11.6		71.0
2024	9.7		65.8
2025	8.5		57.0
Thereafter	50.8		146.6
Total minimum lease payments	106.7		495.6
Less: interest/imputed interest	(30.2)		(90.9)
Total obligations	76.5		404.7
Less: current portion	(10.3)		(70.3)
Long-term lease obligations	$	66.2	$	334.4

Schedule of Finance Lease Liability Future Maturity

Future minimum lease payments under noncancelable leases as lessee as of March 31, 2021 were as follows:


	Finance Leases		Operating Leases
	(In millions)
2021 (remaining nine months)	$	11.7	$	69.0
2022	14.4		86.2
2023	11.6		71.0
2024	9.7		65.8
2025	8.5		57.0
Thereafter	50.8		146.6
Total minimum lease payments	106.7		495.6
Less: interest/imputed interest	(30.2)		(90.9)
Total obligations	76.5		404.7
Less: current portion	(10.3)		(70.3)
Long-term lease obligations	$	66.2	$	334.4

Schedule of Lease Payments

During the three months ended March 31, 2021 and 2020, the Company made the following cash payments for leases:


	Three months ended March 31,
			2021		2020
		(In millions)
Principal payments on finance lease obligations			$	2.6	$	3.0
Interest payments on finance lease obligations			$	1.5	$	1.7
Payments on operating leases			$	23.0	$	23.4
Variable lease payments			$	0.3	$	0.1

Schedule of Operating Lease Income

The Company's income from operating leases for the three months ended March 31, 2021 and 2020 was as follows:


	Three months ended March 31,
			2021		2020
		(In millions)
Minimum lease payments			$	23.8	$	25.4
Variable lease income			1.6		2.4
Total operating lease income			$	25.4	$	27.8

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, 2021 were as follows:



	(In millions)
2021 (remaining nine months)	$	75.6
2022	98.8
2023	95.0
2024	86.9
2025	75.0
Thereafter	164.3
Total minimum rents receivable	$	595.6

Schedule of Direct Finance Lease Income

The Company's income from direct financing leases for the three months ended March 31, 2021 and 2020 was as follows:


	Three months ended March 31,
			2021		2020
		(In millions)
Interest income			$	0.6	$	1.0
Variable lease income			0.1		0.2
Total operating lease income			$	0.7	$	1.2

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

Minimum payments to be received as lessor under noncancelable direct financing leases as of March 31, 2021 were as follows:



	(In millions)
2021 (remaining nine months)	$	7.5
2022	7.5
2023	3.6
2024	1.5
2025	0.7
Thereafter	3.1
Total minimum rents receivable	23.9
Less: unearned income	(3.8)
Total net investment in direct financing leases	20.1
Less: current portion	(7.9)
Long-term investment in direct financing leases	$	12.2

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

At March 31, 2021 and December 31, 2020, long-term debt consisted of the following:


	March 31, 2021		December 31, 2020
	(In millions)
Series 2019-1 4.194% Fixed Rate Senior Secured Notes, Class A-2-I	$	696.5	$	698.3
Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II	597.0		598.5
Series 2019-1 Variable Funding Senior Notes Class A-1, variable interest rate of 2.42% at December 31, 2020	—		220.0
Debt issuance costs	(9.1)		(11.8)
Long-term debt, net of debt issuance costs	1,284.4		1,505.0
Current portion of long-term debt	(13.0)		(13.0)
Long-term debt	$	1,271.4	$	1,492.0

Stockholders' Deficit (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Dividends Declared

Dividends declared and paid per share for the three months ended March 31, 2021 and 2020 were as follows:


	Three months ended March 31,
		2021		2020
Dividends declared per common share		$	—	$	0.76
Dividends paid per common share		$	—	$	0.69

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

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,
			2021		2020
Total stock-based compensation expense:		(In millions)

Equity classified awards expense			$	3.1	$	4.1
Liability classified awards expense (credit)			1.5		(0.6)
Total pre-tax stock-based compensation expense			4.6		3.5
Book income tax benefit			(1.1)		(0.9)
Total stock-based compensation expense, net of tax			$	3.5	$	2.6

Schedule of Stock Option Valuation Assumptions

The following summarizes the weighted average assumptions used in the Black-Scholes model:


Risk-free interest rate	0.5	%
Historical volatility	67.7	%
Dividend yield	—	%
Expected years until exercise	4.5
Fair value of options granted	$39.85

Schedule of Stock Option Activity

Stock option balances at March 31, 2021, and activity for the three months ended March 31, 2021 were as follows:


	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value (in Millions)
Outstanding at December 31, 2020	1,014,670	$	64.16
Granted	91,743	74.57
Exercised	(428,376)	45.48
Expired	(20,169)	98.11
Forfeited	(36,093)	88.46
Outstanding at March 31, 2021	621,775	76.06		6.7	$	10.5
Vested at March 31, 2021 and Expected to Vest	595,541	75.87		6.6	$	10.2
Exercisable at March 31, 2021	423,603	$	72.91	5.6	$	8.7

Schedule of Restricted Stock Unit Activity

Outstanding balances as of March 31, 2021, and activity related to restricted stock and restricted stock units for the three months ended March 31, 2021 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, 2020	254,331	$	76.50	355,570	$	28.01
Granted	110,840	82.44		68,578	62.92
Released	(40,416)	66.16		(314,713)	22.84
Forfeited	(18,644)	84.15		—	—
Outstanding at March 31, 2021	306,111	$	79.55	109,435	$	64.76

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, 2020						52,956

Released						(38,171)
Forfeited						(54)
Outstanding at March 31, 2021						14,731

Segments (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment

Information on segments is as follows:



	Three months ended March 31,
		2021		2020
		(In millions)
Revenues from external customers:

Franchise operations		$	141.0	$	145.1
Rental operations		26.1		29.0
Company restaurants		36.0		31.3
Financing operations		1.1		1.5
Total		$	204.2	$	206.9

Interest expense:

Rental operations		$	1.3	$	1.6
Company restaurants		0.9		0.5
Corporate		16.5		15.2
Total		$	18.7	$	17.3

Depreciation and amortization:

Franchise operations		$	2.5	$	2.6
Rental operations		2.8		3.1
Company restaurants		1.8		1.6
Corporate		2.9		3.3
Total		$	10.0	$	10.6

Gross profit, by segment:

Franchise operations		$	76.0	$	75.6
Rental operations		5.2		6.5
Company restaurants		3.1		1.0
Financing operations		1.0		1.3
Total gross profit		85.3		84.4
Corporate and unallocated expenses, net		(61.3)		(55.3)
Income before income taxes		$	24.0	$	29.1

Net Income per Share (Tables)

3 Months Ended

Mar. 31, 2021

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,
			2021		2020
		(In thousands, except per share data)
Numerator for basic and diluted income per common share:
Net income			$	25,603	$	22,328
Less: Net income allocated to unvested participating restricted stock			(548)		(748)
Net income available to common stockholders - basic			25,055		21,580
Effect of unvested participating restricted stock in two-class calculation			6		4

Net income available to common stockholders - diluted			$	25,061	$	21,584
Denominator:
Weighted average outstanding shares of common stock - basic			16,460		16,263
Dilutive effect of stock options			170		207
Weighted average outstanding shares of common stock - diluted			16,630		16,470
Net income per common share:
Basic			$	1.52	$	1.33
Diluted			$	1.51	$	1.31

Closure and Impairment Charges (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

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

Closure and long-lived tangible asset impairment charges for the three months ended March 31, 2021 were as follows:


	Three Months Ended
	March 31,
		2021		2020
		(In millions)
Closure charges		$	1.9	$	(0.0)
Long-lived tangible asset impairment		0.1		0.0
Total closure and long-lived asset impairment charges		$	2.0	$	(0.0)

Schedule of Restructuring Reserve by Type of Cost

Closure and long-lived tangible asset impairment charges for the three months ended March 31, 2021 were as follows:


	Three Months Ended
	March 31,
		2021		2020
		(In millions)
Closure charges		$	1.9	$	(0.0)
Long-lived tangible asset impairment		0.1		0.0
Total closure and long-lived asset impairment charges		$	2.0	$	(0.0)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021 and December 31, 2020 were as follows:


	March 31, 2021		December 31, 2020
	(In millions)
Face Value of Class A-2 Notes	$	1,293.5	$	1,296.8
Fair Value of Class A-2 Notes	$	1,338.5	$	1,259.5

Cash and Cash Equivalents (Tables)

3 Months Ended

Mar. 31, 2021

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

The components of cash and cash equivalents were as follows:


	March 31, 2021		December 31, 2020
	(In millions)
Money market funds	$	30.0	$	175.0
IHOP advertising funds and gift card programs	72.0		71.6
Other depository accounts	77.6		136.8
Total cash and cash equivalents	$	179.6	$	383.4

Restrictions on Cash and Cash Equivalents

The components of current restricted cash were as follows:



	March 31, 2021		December 31, 2020
	(In millions)
Securitized debt reserves	$	33.9	$	27.0
Applebee's advertising funds	26.1		12.8
Other	0.1		0.1
Total current restricted cash	$	60.1	$	39.9

Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Proceeds from line of credit		$ 0	$ 220,000
Interest reserve for secured debt				$ 32,800	$ 16,400
Revolving Credit Facility
Debt Instrument [Line Items]
Proceeds from line of credit	$ 220,000

Revenue Disclosures - Disaggregation of Franchise Revenue by Major Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Franchise revenues
Disaggregation of Revenue [Line Items]
Total franchise revenue	$ 140,976	$ 145,037
Royalties
Disaggregation of Revenue [Line Items]
Total franchise revenue	65,767	67,600
Advertising fees
Disaggregation of Revenue [Line Items]
Total franchise revenue	60,885	61,723
Pancake and waffle dry mix sales and other
Disaggregation of Revenue [Line Items]
Total franchise revenue	10,890	12,848
Franchise and development fees
Disaggregation of Revenue [Line Items]
Total franchise revenue	$ 3,434	$ 2,866

- 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)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

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=120311839&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=120311839&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=120311839&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=120311839&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=121604090&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=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&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=120311839&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=121604090&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, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Billed and unbilled receivables	$ 79.5	$ 76.3
Billed and unbilled receivables, accumulated allowance for credit loss	$ 7.7	$ 11.4

Revenue Disclosures - Changes in the Company's Contract Liability for Deferred Franchise and Development Fees (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Change in Contract with Customer, Liability [Roll Forward]
Balance at December 31, 2020	$ 59,919
Recognized as revenue during the three months ended March 31, 2021	(3,354)
Fees deferred during the three months ended March 31, 2021	1,789
Balance at March 31, 2021	$ 58,354

Revenue Disclosures - Deferred Revenue Expected to be Recognized (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Revenue from Contract with Customer [Abstract]
Performance obligations expected to be satisfied	$ 58,354
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue from Contract with Customer [Abstract]
Performance obligations expected to be satisfied	$ 7,931
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied, expected timing	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue from Contract with Customer [Abstract]
Performance obligations expected to be satisfied	$ 7,130
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied, expected timing	1 year
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	$ 6,629
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
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	$ 6,044
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
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	$ 5,268
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
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	$ 25,352
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied, expected timing

Current Expected Credit Losses - Narrative (Details) $ in Millions	Mar. 31, 2021 USD ($) lease
Financing Receivable, Allowance for Credit Loss [Line Items]
Operating lease, weighted average remaining lease term	9 years 2 months 12 days
Finance lease, weighted average remaining lease term	7 years 2 months 12 days
Notes Receivable \| Applebee's
Financing Receivable, Allowance for Credit Loss [Line Items]
Accounts and financing receivable, allowance for credit loss \| $	$ 9.4
Lease Receivables
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of properties subject to ground leases \| lease	85
Finance lease, weighted average remaining lease term	4 years 1 month 6 days
Equipment Notes
Financing Receivable, Allowance for Credit Loss [Line Items]
Operating lease, weighted average remaining lease term	5 years 2 months 12 days

Current Expected Credit Losses - Components of Receivables (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 84.8	$ 85.7
Gift card receivables	5.4	22.5
Notes receivable	20.4	18.6
Financing receivables:	81.3
Accounts and financing receivable, before allowance for credit loss	177.3	199.5
Less: allowance for credit losses	(18.3)	(23.1)
Accounts and financing receivable, after allowance for credit loss	159.0	176.4
Less: current portion	(107.4)	(121.9)
Long-term receivables	51.6	54.5
Equipment leases receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables:	40.8	43.9
Direct financing leases receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables:	20.1	22.7
Franchise fee notes receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables:	0.1	0.1
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables:	$ 5.7	$ 6.0

Current Expected Credit Losses - Changes in the Allowance for Credit Losses (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, December 31, 2020	$ 23.1
Bad debt (credit) expense for the three months ended March 31, 2021	(2.0)
Advertising provision adjustment	(1.4)
Write-offs	(1.4)
Recoveries	0.0
Balance, March 31, 2021	18.3
Accounts Receivable
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, December 31, 2020	11.2
Bad debt (credit) expense for the three months ended March 31, 2021	(2.0)
Advertising provision adjustment	(1.4)
Write-offs	(0.2)
Recoveries	0.0
Balance, March 31, 2021	7.6
Notes receivable, short-term
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, December 31, 2020	3.6
Bad debt (credit) expense for the three months ended March 31, 2021	0.5
Advertising provision adjustment	(0.0)
Write-offs	0.0
Recoveries	0.0
Balance, March 31, 2021	4.1
Notes receivable, long-term
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, December 31, 2020	5.3
Bad debt (credit) expense for the three months ended March 31, 2021	(0.0)
Advertising provision adjustment	0.0
Write-offs	0.0
Recoveries	0.0
Balance, March 31, 2021	5.3
Lease Receivables
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, December 31, 2020	0.4
Bad debt (credit) expense for the three months ended March 31, 2021	(0.3)
Advertising provision adjustment	0.0
Write-offs	0.0
Recoveries	0.0
Balance, March 31, 2021	0.1
Equipment Notes
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, December 31, 2020	2.3
Bad debt (credit) expense for the three months ended March 31, 2021	(0.1)
Advertising provision adjustment	0.0
Write-offs	(1.2)
Recoveries	0.0
Balance, March 31, 2021	1.0
Other
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance, December 31, 2020	0.3
Bad debt (credit) expense for the three months ended March 31, 2021	(0.1)
Advertising provision adjustment	0.0
Write-offs	0.0
Recoveries	0.0
Balance, March 31, 2021	$ 0.2

Current Expected Credit Losses - Delinquency Status of Receivables (Details) $ in Millions	Mar. 31, 2021 USD ($)
Financing Receivable, Past Due [Line Items]
Current	$ 81.0
Total	83.5
30-59 days
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	0.1
60-89 days
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	0.1
90-119 days
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	0.1
120+ days
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	2.2
Notes receivable, short-term
Financing Receivable, Past Due [Line Items]
Current	5.2
Total	7.7
Notes receivable, short-term \| 30-59 days
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	0.1
Notes receivable, short-term \| 60-89 days
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	0.1
Notes receivable, short-term \| 90-119 days
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	0.1
Notes receivable, short-term \| 120+ days
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	2.2
Notes receivable, long-term
Financing Receivable, Past Due [Line Items]
Current	12.7
Total	12.7
Notes receivable, long-term \| 30-59 days
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	0.0
Notes receivable, long-term \| 60-89 days
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	0.0
Notes receivable, long-term \| 90-119 days
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	0.0
Notes receivable, long-term \| 120+ days
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	0.0
Lease Receivables
Financing Receivable, Past Due [Line Items]
Current	20.1
Total	20.1
Lease Receivables \| 30-59 days
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	0.0
Lease Receivables \| 60-89 days
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	0.0
Lease Receivables \| 90-119 days
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	0.0
Lease Receivables \| 120+ days
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	0.0
Equipment Notes
Financing Receivable, Past Due [Line Items]
Current	40.8
Total	40.8
Equipment Notes \| 30-59 days
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	0.0
Equipment Notes \| 60-89 days
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	0.0
Equipment Notes \| 90-119 days
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	0.0
Equipment Notes \| 120+ days
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	0.0
Other
Financing Receivable, Past Due [Line Items]
Current	2.2
Total	2.2
Other \| 30-59 days
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	0.0
Other \| 60-89 days
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	0.0
Other \| 90-119 days
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	0.0
Other \| 120+ days
Financing Receivable, Past Due [Line Items]
Financing receivable, past due	$ 0.0

Current Expected Credit Losses - Year of Origination of Financing Receivables (Details) $ in Millions	Mar. 31, 2021 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
2021	$ 2.2
2020	2.7
2019	3.5
2018	8.0
2017	6.3
2016	58.6
Total	81.3
Notes receivable, short-term
Financing Receivable, Credit Quality Indicator [Line Items]
2021	2.2
2020	1.2
2019	2.6
2018	8.0
2017	6.3
2016	0.1
Total	20.4
Lease Receivables
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0.0
2020	1.5
2019	0.9
2018	0.0
2017	0.0
2016	17.7
Total	20.1
Equipment Notes
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0.0
2020	0.0
2019	0.0
2018	0.0
2017	0.0
2016	40.8
Total	$ 40.8

Lease Disclosures - Narrative (Details)	Mar. 31, 2021 restaurantConcept properties realProperty
Lessee, Lease, Description [Line Items]
Number of company-operated restaurants located on leased real estate properties \| properties	69
Lessor, number of leases requiring additional rent payments based on a percentage of restaurant sales \| realProperty	240
Lessee, number of leases requiring additional rent payments based on a percentage of restaurant sales \| realProperty	30
Finance lease, weighted average remaining lease term	7 years 2 months 12 days
Operating lease, weighted average remaining lease term	9 years 2 months 12 days
Finance lease, weighted average discount rate, percent	10.20%
Operating lease, weighted average discount rate, percent	5.60%
IHOP
Lessee, Lease, Description [Line Items]
Number of franchisee-operated restaurants	550
Number of properties leased	55
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, 2021	Mar. 31, 2020
Finance lease cost:
Amortization of right-of-use assets	$ 1.2	$ 1.3
Interest on lease liabilities	1.4	1.7
Operating lease cost	25.1	26.5
Variable lease cost	0.3	0.4
Short-term lease cost	0.0	0.0
Sublease income	(24.2)	(26.6)
Lease cost	$ 3.8	$ 3.3

Lease Disclosures - Future Minimum Lease Payments Under Noncancelable Leases as Lessee (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Finance Leases
2021 (remaining nine months)	$ 11,700
2022	14,400
2023	11,600
2024	9,700
2025	8,500
Thereafter	50,800
Total minimum lease payments	106,700
Less: interest/imputed interest	(30,200)
Total obligations	76,500
Less: current portion	(10,300)
Long-term lease obligations	66,234	$ 69,012
Operating Leases
2021 (remaining nine months)	69,000
2022	86,200
2023	71,000
2024	65,800
2025	57,000
Thereafter	146,600
Total minimum lease payments	495,600
Less: interest/imputed interest	(90,900)
Total obligations	404,700
Less: current portion	(70,270)	(69,672)
Long-term lease obligations	$ 334,361	$ 345,163

Lease Disclosures - Payment for Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Principal payments on finance lease obligations	$ 2,621	$ 2,981
Interest payments on finance lease obligations	1,500	1,700
Payments on operating leases	23,000	23,400
Variable lease payments	$ 300	$ 100

Lease Disclosures - Components of Lease Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Minimum lease payments	$ 23.8	$ 25.4
Variable lease income	1.6	2.4
Total operating lease income	$ 25.4	$ 27.8

Lease Disclosures - Future Minimum Payments to be Received as Lessor Under Noncancelable Operating Leases (Details) $ in Millions	Mar. 31, 2021 USD ($)
Leases [Abstract]
2021 (remaining nine months)	$ 75.6
2022	98.8
2023	95.0
2024	86.9
2025	75.0
Thereafter	164.3
Total minimum rents receivable	$ 595.6

Lease Disclosures - Schedule of Income From Direct Financing Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Interest income	$ 0.6	$ 1.0
Variable lease income	0.1	0.2
Total operating lease income	$ 0.7	$ 1.2

Lease Disclosures - Future Minimum Payments to be Received as Lessor Under Noncancelable Direct Financing Leases (Details) $ in Millions	Mar. 31, 2021 USD ($)
Leases [Abstract]
2021 (remaining nine months)	$ 7.5
2022	7.5
2023	3.6
2024	1.5
2025	0.7
Thereafter	3.1
Total minimum rents receivable	23.9
Less: unearned income	(3.8)
Total net investment in direct financing leases	20.1
Less: current portion	(7.9)
Long-term investment in direct financing leases	$ 12.2

Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Jun. 05, 2019
Debt Instrument [Line Items]
Debt issuance costs	$ (9,100)	$ (11,800)
Long-term debt, net of debt issuance costs	1,284,400	1,505,000
Current portion of long-term debt	(13,000)	(13,000)
Long-term debt	$ 1,271,438	$ 1,491,996
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	$ 696,500	$ 698,300
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%
Senior notes	$ 597,000	$ 598,500
Series 2019-1 Variable Funding Senior Notes Class A-1, variable interest rate of 2.42% at December 31, 2020
Debt Instrument [Line Items]
Debt interest rate (percent)		2.42%
Senior notes	$ 0	$ 220,000

Long-Term Debt - Narrative (Details) - USD ($)		1 Months Ended	3 Months Ended
Long-Term Debt - Narrative (Details) - USD ($)	Mar. 05, 2021	Jun. 30, 2026	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Jun. 05, 2019
Debt Instrument [Line Items]
Ratio of indebtedness to net capital			702.00%
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			345.00%
Amortization of debt issuance costs			$ 500,000		$ 500,000
Unamortized debt issuance costs			9,100,000	$ 11,800,000
Revolving Credit Facility
Debt Instrument [Line Items]
Repayments of long-term lines of credit			$ 220,000,000.0
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-I Notes
Debt Instrument [Line Items]
Debt interest rate (percent)			4.194%	4.194%		4.194%
Debt instrument, face amount						$ 700,000,000
Quarterly principal payment			$ 3,250,000
Make-whole premium			$ 29,000,000
2019 Class A-2-I Notes \| Maximum
Debt Instrument [Line Items]
Ratio of indebtedness to net capital			525.00%
2019 Class A-2-I Notes \| Forecast
Debt Instrument [Line Items]
Additional interest on fixed rate		5.00%
Debt instrument, term		10 years
2019 Class A-2-I Notes \| Forecast \| 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%
Debt instrument, face amount						600,000,000
Make-whole premium			$ 59,000,000
2019 Class A-2-II Notes \| Forecast \| Ten Year United States Treasury Bill Rate
Debt Instrument [Line Items]
Basis spread on variable rate		2.64%
2019 Class A-2 Notes
Debt Instrument [Line Items]
Quarterly principal payment			3,250,000	$ 3,250,000
Annual principal payment			13,000,000.0
2019 Class A-2 Notes \| Forecast
Debt Instrument [Line Items]
Additional interest on fixed rate		5.00%
Revolver
Debt Instrument [Line Items]
Debt interest rate (percent)				2.42%
Letters of credit outstanding, amount			3,300,000
Line of credit facility, current borrowing capacity			$ 221,700,000
Revolver \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt interest rate (percent)			2.40%
Line of credit facility, maximum borrowing capacity			$ 225,000,000			$ 225,000,000
Fee on unused portion of line of credit (percent)			0.50%
Long-term Line of Credit					220,000,000.0
Maximum amount outstanding during period			$ 220,000,000.0
Repayments of long-term lines of credit	$ 220,000,000.0
Unamortized debt issuance costs			$ 2,000,000.0
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%
Line Of Credit Facility, 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%
Line Of Credit Facility, Percentage Of Advances Drawn			40.00%
Revolver \| Letter of Credit
Debt Instrument [Line Items]
Basis spread on variable rate			2.15%
2018-1 Class A-1 Notes
Debt Instrument [Line Items]
Amortization of debt issuance costs			$ 200,000		$ 200,000

Stockholders' Deficit - Narrative (Details) - USD ($)	3 Months Ended		26 Months Ended
Stockholders' Deficit - Narrative (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Feb. 28, 2019
Equity, Class of Treasury Stock [Line Items]
Purchase of Company common stock		$ 26,527,000
Reissuance of treasure stock (in shares)	539,134
Reissuance of treasury stock	$ 19,484,000	$ 20,524,000
Treasury Stock
Equity, Class of Treasury Stock [Line Items]
Purchase of Company common stock (in shares)		460,000
Purchase of Company common stock		$ 26,527,000
Reissuance of treasure stock (in shares)	539,000	368,000
Reissuance of treasury stock	$ 21,773,000	$ 16,557,000
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)	0	459,899	1,697,597
Purchase of Company common stock			$ 129,800,000
Remaining dollar value of shares that may be repurchased	$ 70,200,000		$ 70,200,000

Stockholders' Deficit - Dividends Declared and Paid per Share (Details) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Equity [Abstract]
Dividends declared per common share (USD per share)	$ 0	$ 0.76
Dividends paid per common share (USD per share)	$ 0	$ 0.69

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate (percent)	(6.60%)	23.20%
Income Tax Benefit	$ 1,589	$ (6,738)
pretax book income	24,014	$ 29,066
Gross unrecognized tax benefit	2,500		$ 2,200
Expected change in unrecognized tax benefits	800
Accrued interest on income taxes	900		900
Accrued penalties on income taxes, less than	$ 100		$ 100

- 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, 2021	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Equity classified awards expense	$ 3.1	$ 4.1
Liability classified awards expense (credit)	1.5	(0.6)
Total pre-tax stock-based compensation expense	4.6	3.5
Book income tax benefit	(1.1)	(0.9)
Total stock-based compensation expense, net of tax	$ 3.5	$ 2.6

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	91,743
Share-based compensation expense	$ 4,600	$ 3,500
Liability classified awards (credit) expense	(1,500)	600
Accrued employee compensation and benefits	14,554		$ 21,237
Stock-Settled Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized	$ 23,600
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	$ 1,400
Liability classified awards (credit) expense		(1,300)
Accrued employee compensation and benefits	800		2,100
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	100	$ 800
Accrued employee compensation and benefits	$ 800		$ 2,100
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 - Options Value Assumptions (Details) - Stock Options	3 Months Ended
	Mar. 31, 2021 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate (percent)	0.50%
Weighted average historical volatility (percent)	67.70%
Dividend yield (percent)	0.00%
Expected years until exercise (years)	4 years 6 months
Weighted average fair value of options granted (USD per share)	$ 39.85

Stock-Based Compensation - Stock Option Activity (Details) - Stock Options $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) $ / shares shares
Shares
Outstanding, beginning of period (in shares) \| shares	1,014,670
Granted (in shares) \| shares	91,743
Exercised (in shares) \| shares	(428,376)
Expired (in shares) \| shares	(20,169)
Forfeited (in shares) \| shares	(36,093)
Outstanding, end of period (in shares) \| shares	621,775
Vested and expected to vest (in shares) \| shares	595,541
Exercisable (in shares) \| shares	423,603
Weighted Average Exercise Price
Beginning of period (USD per share) \| $ / shares	$ 64.16
Granted (USD per share) \| $ / shares	74.57
Exercised (USD per share) \| $ / shares	45.48
Expired (USD per share) \| $ / shares	98.11
Forfeited (USD per share) \| $ / shares	88.46
End of period (USD per share) \| $ / shares	76.06
Vested and expected to vest (USD per share) \| $ / shares	75.87
Exercisable (USD per share) \| $ / shares	$ 72.91
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average remaining contractual term (in years)	6 years 8 months 12 days
Weighted average remaining contractual term, vested and expected to vest (in years)	6 years 7 months 6 days
Weighted average remaining contractual term, exercisable (in years)	5 years 7 months 6 days
Options, outstanding, intrinsic value \| $	$ 10.5
Options, vested and expected to vest, intrinsic value \| $	10.2
Options, vested and expected to vest, exercisable \| $	$ 8.7

Stock-Based Compensation - Restricted Stock Activity (Details)	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Restricted Stock
Restricted Stock
Beginning of period (in shares) \| shares	254,331
Granted (in shares) \| shares	110,840
Released (in shares) \| shares	(40,416)
Forfeited (in shares) \| shares	(18,644)
End of period (in shares) \| shares	306,111
Weighted Average Grant Date Fair Value
Beginning balance (USD per share) \| $ / shares	$ 76.50
Granted (USD per share) \| $ / shares	82.44
Released (USD per share) \| $ / shares	66.16
Forfeited (USD per share) \| $ / shares	84.15
Ending balance (USD per share) \| $ / shares	$ 79.55
Stock-Settled Restricted Stock Units
Restricted Stock
Beginning of period (in shares) \| shares	355,570
Granted (in shares) \| shares	68,578
Released (in shares) \| shares	(314,713)
Forfeited (in shares) \| shares	0
End of period (in shares) \| shares	109,435
Weighted Average Grant Date Fair Value
Beginning balance (USD per share) \| $ / shares	$ 28.01
Granted (USD per share) \| $ / shares	62.92
Released (USD per share) \| $ / shares	22.84
Forfeited (USD per share) \| $ / shares	0
Ending balance (USD per share) \| $ / shares	$ 64.76

Stock-Based Compensation - Liability Classified Awards - Cash-settled Restricted Stock Units (Details) - Cash-settled Restricted Stock Units	3 Months Ended
	Mar. 31, 2021 shares
Restricted Stock
Beginning of period (in shares)	52,956
Released (in shares)	(38,171)
Forfeited (in shares)	(54)
End of period (in shares)	14,731

Segments - Narrative (Details)	3 Months Ended
Segments - Narrative (Details)	Mar. 31, 2021 segment restaurant 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)	1,636
Franchised Units \| IHOP
Franchisor Disclosure [Line Items]
Number of restaurants (restaurant)	1,749
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, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Rental revenues	$ 26,142	$ 29,009
Total revenues	204,199	206,884
Interest expense	18,700	17,300
Depreciation and amortization	9,995	10,641
Segment profit	24,014	29,066
Operating Segments
Segment Reporting Information [Line Items]
Segment profit	85,300	84,400
Corporate and unallocated expenses, net
Segment Reporting Information [Line Items]
Segment profit	(61,300)	(55,300)
Franchise operations \| Operating Segments
Segment Reporting Information [Line Items]
Depreciation and amortization	2,500	2,600
Segment profit	76,000	75,600
Rental operations \| Operating Segments
Segment Reporting Information [Line Items]
Rental revenues	26,100	29,000
Interest expense	1,300	1,600
Depreciation and amortization	2,800	3,100
Segment profit	5,200	6,500
Company restaurants \| Operating Segments
Segment Reporting Information [Line Items]
Interest expense	900	500
Depreciation and amortization	1,800	1,600
Segment profit	3,100	1,000
Financing operations \| Operating Segments
Segment Reporting Information [Line Items]
Segment profit	1,000	1,300
Corporate
Segment Reporting Information [Line Items]
Interest expense	16,500	15,200
Depreciation and amortization	2,900	3,300
Franchise revenues
Segment Reporting Information [Line Items]
Revenue from contract with customer	140,976	145,037
Franchise revenues \| Franchise operations \| Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer	141,000	145,100
Company restaurant sales
Segment Reporting Information [Line Items]
Revenue from contract with customer	35,949	31,300
Company restaurant sales \| Company restaurants \| Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer	36,000	31,300
Financing revenues
Segment Reporting Information [Line Items]
Revenue from contract with customer	1,132	1,538
Financing revenues \| Financing operations \| Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer	$ 1,100	$ 1,500

Net Income 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, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income	$ 25,603	$ 22,328
Less: Net income allocated to unvested participating restricted stock	(548)	(748)
Net income available to common stockholders - basic	25,055	21,580
Effect of unvested participating restricted stock in two-class calculation	6	4
Net income available to common stockholders - diluted	$ 25,061	$ 21,584
Weighted average outstanding shares of common stock - basic (in shares)	16,460	16,263
Dilutive effect of stock options (in shares)	170	207
Weighted average outstanding shares of common stock - diluted (in shares)	16,630	16,470
Net income per common share - basic (USD per share)	$ 1.52	$ 1.33
Net income per common share - diluted (USD per share)	$ 1.51	$ 1.31

Closure and Impairment Charges - Long-lived Tangible Asset Impairment and Closure Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Closure charges	$ 1.9	$ (0.0)
Long-lived tangible asset impairment	0.1	0.0
Total closure and long-lived asset impairment charges	$ 2.0	$ (0.0)

Closure and Impairment Charges - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) restaurant	Mar. 31, 2020 USD ($)	Sep. 30, 2020 restaurant
Goodwill [Line Items]
Closure charges	$ 1.9	$ (0.0)
IHOP
Goodwill [Line Items]
Closure charges	1.9
Number Of restaurants impacted by long-lived asset impairment \| restaurant			1
IHOP \| Revision of Prior Period, Accounting Standards Update, Adjustment
Goodwill [Line Items]
Operating lease, impairment loss	$ 0.1
IHOP \| Restaurant Closure
Goodwill [Line Items]
Restaurants \| restaurant	35

Fair Value Measurements - Fair Value of Non-Current Financial Liabilities (Details) - Level 2 - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Face Value of Class A-2 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 1,293.5	$ 1,296.8
Fair Value of Class A-2 Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 1,338.5	$ 1,259.5

Commitments and Contingencies - Narrative (Details) - Applebee's - Property Lease Guarantee $ in Millions	Mar. 31, 2021 USD ($)
Loss Contingencies [Line Items]
Potential liability for guaranteed leases	$ 235.9
Potential liability for guaranteed leases excluding unexercised option periods	$ 34.2

Cash, Cash Equivalents and Restricted Cash - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 179,567	$ 383,369
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	30,000	175,000
IHOP advertising funds and gift card programs \| IHOP
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	72,000	71,600
Other depository accounts
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 77,600	$ 136,800

Cash, Cash Equivalents and Restricted Cash - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Restricted Cash and Cash Equivalents Items [Line Items]
Non-current restricted cash	$ 32,800	$ 32,800
Revolving Credit Facility
Restricted Cash and Cash Equivalents Items [Line Items]
Repayments of long-term lines of credit	220,000
Secured Debt
Restricted Cash and Cash Equivalents Items [Line Items]
Non-current restricted cash	$ 16,000

Cash, Cash Equivalents and Restricted Cash - Schedule of Current Restricted Cash (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Restricted Cash and Cash Equivalents Items [Line Items]
Total current restricted cash	$ 60.1	$ 39.9
Securitized debt reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Total current restricted cash	33.9	27.0
Applebee's advertising funds \| Applebee's
Restricted Cash and Cash Equivalents Items [Line Items]
Total current restricted cash	26.1	12.8
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Total current restricted cash	$ 0.1	$ 0.1