ACQUISITION |
9 Months Ended |
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Sep. 27, 2026 | |
| Asset Acquisition [Abstract] | |
| ACQUISITION | ACQUISITION Nathan’s Famous, Inc. On October 26, 2026, we acquired Nathan’s Famous, Inc. (“Nathan’s”) for $441 million, including $18 million in transaction costs. Additionally, we assumed debt totaling $47 million (approximately $10 million net of cash acquired), which we repaid subsequent to the acquisition. The acquisition was funded using cash on hand. Substantially all of the fair value of the gross assets acquired is concentrated in the Nathan’s Famous trade name. Therefore, the transaction will be accounted for as an asset acquisition in the fourth quarter of fiscal year 2026. As of the date of issuance of these condensed consolidated financial statements, the accounting for the acquisition, including the allocation of the purchase price to the acquired assets and assumed liabilities, has not been completed. Prior to the acquisition, we held an exclusive license to manufacture, distribute, market and sell “Nathan’s Famous” branded hot dogs, sausages, corned beef and certain other ancillary products through retail outlets in the U.S. and Canada and Sam’s Clubs in Mexico. The license was scheduled to expire in March 2032.
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