Company: RRGB
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001171759-25-000012
Chunk: 116

Company: RED ROBIN GOURMET BURGERS INC
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 116
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. The Company recognized $0.1 million of compensation expense related to this plan in fiscal 2024, $0.1 million in fiscal 2023, and $0.1 million in fiscal 2022.Employee Defined Contribution PlanThe Company maintains a 401(k) Savings Plan ("401k Plan") which covers eligible Team Members who have satisfied the service requirements and reached 21 years of age. The 401k Plan, which qualifies under Section 401(k) of the Internal Revenue Code, allows Team Members to defer specified percentages of their compensation on a pre-tax basis. The Company may make matching contributions in an amount determined by the Board of Directors. In addition, the Company may contribute each period, at its discretion, an additional amount from profits. Employer matching contributions equal to 100% of the first 3% of compensation and 50% on the next 2% of compensation. The Company matches contributions when the employee contribution is made, and the employer matching contributions are not subject to a vesting schedule. The Company recognized matching contribution expense of $3.3 million in fiscal 2024, $3.0 million in fiscal 2023, and $2.9 million in fiscal 2022.

16. Acquisitions and DispositionsAs of December 29, 2024, the land and building assets at three owned restaurant locations were classified as held for sale. These long-lived assets have a total carrying amount of $4.3 million as of December 29, 2024, and are included in Assets held for sale in our consolidated balance sheets. We expect to close on the sale of these assets during the first quarter of fiscal 2025. As the fair value of these assets is greater than their carrying amounts as of December 29, 2024, there is no gain or loss to record in our consolidated statements of operations and comprehensive loss until the transaction is closed.During fiscal 2023, the Company acquired certain assets and liabilities of five restaurants from one of its U.S. franchisees for cash consideration of $3.5 million. The Company acquired $2.6 million of property and equipment, net, $0.8 million of operating lease liabilities, net of operating lease assets, $0.3 million of other assets, net of liabilities, and $1.4 million of intangible assets, net.

17. Segment ReportingIn accordance with Segment Reporting, the Company uses the management approach for determining its reportable segments. The management approach is based upon the way