Leases Leases (Tables)

9 Months Ended

Sep. 23, 2020

Leases

Schedule of lease cost

The following table presents the Company’s total lease cost, disaggregated by underlying asset (in thousands):

	Thirteen Weeks Ended
	September 23, 2020						September 25, 2019
	Property		Equipment				Property		Equipment
	Leases		Leases		Total		Leases		Leases		Total
Finance lease cost:
Interest on lease liabilities	$	5	$	—	$	5	$	9	$	—	$	9
Operating lease cost		6,502		297		6,799		6,534		313		6,847
Short-term lease cost		—		6		6		—		9		9
Variable lease cost		116		50		166		121		38		159
Sublease income		(883)		—		(883)		(722)		—		(722)
Total lease cost	$	5,740	$	353	$	6,093	$	5,942	$	360	$	6,302

	Thirty-Nine Weeks Ended
	September 23, 2020						September 25, 2019
	Property		Equipment				Property		Equipment
	Leases		Leases		Total		Leases		Leases		Total
Finance lease cost:
Amortization of right-of-use assets	$	—	$	—	$	—	$	9	$	—	$	9
Interest on lease liabilities		16		—		16		24		—		24
Operating lease cost		19,577		911		20,488		19,721		967		20,688
Short-term lease cost		—		18		18		—		26		26
Variable lease cost		325		120		445		346		136		482
Sublease income		(2,424)		—		(2,424)		(1,623)		—		(1,623)
Total lease cost	$	17,494	$	1,049	$	18,543	$	18,477	$	1,129	$	19,606

The following table presents the Company’s total lease cost on the condensed consolidated statements of income (in thousands):

	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	September 23, 2020		September 25, 2019		September 23, 2020		September 25, 2019
Lease cost – Occupancy and other operating expenses	$	5,786	$	6,015	$	17,582	$	18,675
Lease cost – General & administrative		114		116		344		348
Lease cost – Depreciation and amortization		5		—		16		9
Lease cost – Interest expense		—		9		—		24
Lease cost - Closed-store reserve		188		162		601		550
Total lease cost	$	6,093	$	6,302	$	18,543	$	19,606

During the thirty-nine weeks ended September 23, 2020 and September 25, 2019, the Company had the following cash and non-cash activities associated with its leases (in thousands):

	Thirty-Nine Weeks Ended September 23, 2020								Thirty-Nine Weeks Ended September 25, 2019
	Property			Equipment					Property			Equipment
	Leases			Leases			Total		Leases			Leases			Total
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows used for operating leases	$	16,348		$	928		$	17,276	$	18,819		$	970		$	19,789
Financing cash flows used for finance leases	$	24		$	2		$	26	$	61		$	—		$	61
Non-cash investing and financing activities:
Operating lease ROU assets obtained in exchange for lease liabilities:
Operating lease ROU assets	$	3,180		$	41		$	3,221		8,832			36			8,868
Derecognition of ROU assets due to terminations, impairment or modifications	$	(543)		$	(26)		$	(569)		—			—			—
Other Information
Weighted-average remaining lease term—finance leases		2.08			4.83					3.08			—
Weighted-average remaining lease term—operating leases		11.62			2.59					12.21			3.08
Weighted-average discount rate—finance leases		11.10	%		1.68	%				11.10	%		—
Weighted-average discount rate—operating leases		4.31	%		3.89	%				4.40	%		4.00	%

Schedule of Capital Leases

Information regarding the Company’s minimum future lease obligations as of September 23, 2020 is as follows (in thousands):

	Finance		Operating Leases
	Minimum		Minimum		Minimum
	Lease		Lease		Sublease
For the Years Ending	Payments		Payments		Income
December 30, 2020	$	16	$	7,611	$	693
December 29, 2021		66		28,901		2,887
December 28, 2022		57		26,112		3,284
December 27, 2023		11		23,763		3,318
December 25, 2024		11		21,469		3,203
Thereafter		6		142,716		27,265
Total	$	167	$	250,572	$	40,650
Less: imputed interest (2.33% - 11.10%)		(23)		(47,972)
Present value of lease obligations		144		202,600
Less: current maturities		(50)		(19,847)
Noncurrent portion	$	94	$	182,753

Information regarding the Company’s minimum future lease obligations as of December 25, 2019 is as follows (in thousands):

	Finance Leases		Operating Leases
	Minimum		Minimum		Minimum
	Lease		Lease		Sublease
For the Years Ending	Payments		Payments		Income
December 30, 2020	$	54	$	26,808	$	2,754
December 29, 2021		54		25,978		2,887
December 28, 2022		45		24,871		3,284
December 27, 2023		—		22,309		3,318
December 25, 2024		—		19,751		3,203
Thereafter		—		139,454		27,265
Total	$	153	$	259,171	$	42,711
Less: imputed interest (3.96% to 11.10%)		(36)		(45,273)
Present value of capital lease obligations		117		213,898
Less: current maturities		(34)		(16,406)
Noncurrent portion	$	83		197,492

Schedule of Operating Leases

Information regarding the Company’s minimum future lease obligations as of September 23, 2020 is as follows (in thousands):

	Finance		Operating Leases
	Minimum		Minimum		Minimum
	Lease		Lease		Sublease
For the Years Ending	Payments		Payments		Income
December 30, 2020	$	16	$	7,611	$	693
December 29, 2021		66		28,901		2,887
December 28, 2022		57		26,112		3,284
December 27, 2023		11		23,763		3,318
December 25, 2024		11		21,469		3,203
Thereafter		6		142,716		27,265
Total	$	167	$	250,572	$	40,650
Less: imputed interest (2.33% - 11.10%)		(23)		(47,972)
Present value of lease obligations		144		202,600
Less: current maturities		(50)		(19,847)
Noncurrent portion	$	94	$	182,753

Information regarding the Company’s minimum future lease obligations as of December 25, 2019 is as follows (in thousands):

	Finance Leases		Operating Leases
	Minimum		Minimum		Minimum
	Lease		Lease		Sublease
For the Years Ending	Payments		Payments		Income
December 30, 2020	$	54	$	26,808	$	2,754
December 29, 2021		54		25,978		2,887
December 28, 2022		45		24,871		3,284
December 27, 2023		—		22,309		3,318
December 25, 2024		—		19,751		3,203
Thereafter		—		139,454		27,265
Total	$	153	$	259,171	$	42,711
Less: imputed interest (3.96% to 11.10%)		(36)		(45,273)
Present value of capital lease obligations		117		213,898
Less: current maturities		(34)		(16,406)
Noncurrent portion	$	83		197,492