Company: CAVA
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001628280-25-026077
Chunk: 36

Company: CAVA GROUP, INC.
Filing Date: 2025-05-16
Form: 10-Q
Item: Item 8
Chunk 36
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3TotalAsset backed$— $9,075 $— $9,075 Commercial deposits— 7,833 — 7,833 Commercial paper— 1,485 — 1,485 Corporate bonds— 56,663 — 56,663 U.S. government bonds4,861 — — 4,861 Total$4,861 $75,056 $— $79,917 Assets and Liabilities Measured at Fair Value on a Non-recurring Basis—Assets recognized or disclosed at fair value in the accompanying unaudited condensed consolidated financial statements on a nonrecurring basis may include items such as property and equipment, net, operating lease assets, goodwill, and intangible assets. These assets are measured at fair value whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

Certain operating lease assets and property and equipment, net for which an impairment loss of $1.1 million was recognized during the sixteen weeks ended April 20, 2025, were measured at fair value, on a non-recurring basis as of April 20, 2025. The fair value of these assets was concluded to be $1.0 million using an income approach (discounted cash flow method), which was measured using Level 3 inputs. Unobservable inputs include the discount rate and projected restaurant revenues and expenses. 

8

5.    SUPPLEMENTAL BALANCE SHEET INFORMATION

Property and equipment, netThe following table presents the Company’s property and equipment, net, as of the periods indicated:(in thousands)April 20,2025December 29,2024Land$600 $600 Building24,042 24,042 Leasehold improvements350,234 332,312 Equipment and other112,488 107,995 Furniture and fixtures20,986 20,860 Computer hardware and software57,583 54,217 Construction in progress38,154 27,725 Total property and equipment, gross604,087 567,751 Less accumulated depreciation(213,511)(194,849)Total property and equipment, net$390,576 $372,902 Construction in progress includes CAVA new restaurant openings and technology improvements as of both periods presented above. Intangible assets, netThe increase in intangible assets, net during the sixteen weeks ended April 20, 2025 was due to two