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Lease Commitments
 12 Months Ended
Dec. 26, 2015
Lease Commitments [Abstract]  
Lease Commitments

Note 5  Lease Commitments 

At December 26, 2015, the Company leased approximately 50% of its open store facilities under operating leases that expire at various dates through 2029.  These leases generally provide for fixed annual rentals; however, several provide for minimum annual rentals plus contingent rentals as a percentage of annual sales and a number of leases require the Company to pay for all or a portion of insurance, real estate taxes, water and sewer rentals, and repairs, the cost of which is charged to the related expense category rather than being accounted for as rent expense.  Most of the leases contain multiple renewal options, under which the Company may extend the lease terms from 5 to 20 years.  Rents on operating leases, including agreements with step rents, are charged to expense on a straight-line basis over the minimum lease term.  Additionally, the Company has operating leases for certain transportation and other equipment.

 

Rent expense and income on all leases consisted of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

2015

 

2014

 

2013

Minimum annual rentals

$

 34,794 

$

 35,183 

$

 32,817 

Contingent rentals

 

 452 

 

 409 

 

 386 

Lease or sublease income

 

 (7,069)

 

 (6,881)

 

 (6,452)

 

$

 28,177 

$

 28,711 

$

 26,751 

 

 

The following is a schedule by years of future minimum rental payments required under operating leases and total minimum sublease and lease rental income to be received that have initial or remaining non-cancelable lease terms in excess of one year as of December 26, 2015.

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

Leases

 

Subleases

2016

$

 32,237 

$

 (3,151)

2017

 

 30,492 

 

 (3,148)

2018

 

 28,413 

 

 (2,486)

2019

 

 23,214 

 

 (1,604)

2020

 

 17,096 

 

 (1,355)

Thereafter

 

 62,410 

 

 (6,500)

 

$

 193,862 

$

 (18,244)

 

The Company has $32,000 accrued as of December 26, 2015 and had $455,000 accrued as of December 27, 2014, for future minimum rental payments due on previously closed stores, reduced by the estimated sublease income to be received.  The future minimum rental payments required under operating leases and estimated sublease income for these locations are included in the above schedule.