Leases (Tables)

9 Months Ended

Sep. 29, 2021

Leases [Abstract]

Schedule of lease cost

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

	Thirteen Weeks Ended
	September 29, 2021						September 23, 2020
	Property		Equipment				Property		Equipment
	Leases		Leases		Total		Leases		Leases		Total
Finance lease cost:
Amortization of right-of-use assets	$	18	$	1	$	19	$	—	$	—	$	—
Interest on lease liabilities		14		1		15		5		—		5
Operating lease cost		6,552		267		6,819		6,502		297		6,799
Short-term lease cost		—		7		7		—		6		6
Variable lease cost		138		70		208		116		50		166
Sublease income		(1,128)		—		(1,128)		(883)		—		(883)
Total lease cost	$	5,594	$	346	$	5,940	$	5,740	$	353	$	6,093

	Thirty-Nine Weeks Ended
	September 29, 2021						September 23, 2020
	Property		Equipment				Property		Equipment
	Leases		Leases		Total		Leases		Leases		Total
Finance lease cost:
Amortization of right-of-use assets	$	60	$	2	$	62	$	—	$	—	$	—
Interest on lease liabilities		44		2		46		16		—		16
Operating lease cost		19,935		861		20,796		19,577		911		20,488
Short-term lease cost		—		17		17		—		18		18
Variable lease cost		413		260		673		325		120		445
Sublease income		(2,722)		—		(2,722)		(2,424)		—		(2,424)
Total lease cost	$	17,730	$	1,142	$	18,872	$	17,494	$	1,049	$	18,543

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 29, 2021		September 23, 2020		September 29, 2021		September 23, 2020
Lease cost – Occupancy and other operating expenses	$	5,811	$	5,786	$	18,191	$	17,582
Lease cost – General & administrative		97		114		316		344
Lease cost – Depreciation and amortization		18		5		60		16
Lease cost – Interest expense		14		—		44		—
Lease cost - Closed-store reserve		—		188		261		601
Total lease cost	$	5,940	$	6,093	$	18,872	$	18,543

During the thirty-nine weeks ended September 29, 2021 and September 23, 2020, the Company had the following cash and non-cash activities associated with its leases (dollars in thousands):

	Thirty-Nine Weeks Ended September 29, 2021								Thirty-Nine Weeks Ended September 23, 2020
	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	$	19,371		$	831		$	20,202	$	16,348		$	928		$	17,276
Financing cash flows used for finance leases	$	67		$	33		$	100	$	24		$	2		$	26
Non-cash investing and financing activities:
Operating lease ROU assets obtained in exchange for lease liabilities:
Operating lease ROU assets	$	13,848		$	—		$	13,848	$	3,180		$	41		$	3,221
Finance lease ROU assets obtained in exchange for lease liabilities:
Finance lease ROU assets	$	—		$	196		$	196	$	—		$	—		$	—
Derecognition of ROU assets due to terminations, impairment or modifications	$	(4,513)		$	(99)		$	(4,612)	$	(543)		$	(26)		$	(569)
Other Information
Weighted-average remaining lease term—finance leases		18.56			4.27					2.08			4.83
Weighted-average remaining lease term—operating leases		11.37			1.66					11.62			2.59
Weighted-average discount rate—finance leases		2.84	%		1.54	%				11.10	%		1.68	%
Weighted-average discount rate—operating leases		4.43	%		3.91	%				4.31	%		3.89	%

Schedule of Capital Leases

Information regarding the Company’s minimum future lease obligations as of September 29, 2021 is as follows (in thousands):

	Finance		Operating Leases
	Minimum		Minimum		Minimum
	Lease		Lease		Sublease
For the Years Ending	Payments		Payments		Income
December 29, 2021	$	50	$	7,272	$	857

December 28, 2022		190		27,651		3,468
December 27, 2023		145		25,593		3,571
December 25, 2024		145		23,491		3,456
December 31, 2025		141		21,247		3,106
Thereafter		1,690		143,011		25,746
Total	$	2,361	$	248,265	$	40,204
Less: imputed interest (1.54% - 4.43%)		(470)		(55,750)
Present value of lease obligations		1,891		192,515
Less: current maturities		(149)		(19,718)
Noncurrent portion	$	1,742	$	172,797

Schedule of Operating Leases

Information regarding the Company’s minimum future lease obligations as of September 29, 2021 is as follows (in thousands):

	Finance		Operating Leases
	Minimum		Minimum		Minimum
	Lease		Lease		Sublease
For the Years Ending	Payments		Payments		Income
December 29, 2021	$	50	$	7,272	$	857

December 28, 2022		190		27,651		3,468
December 27, 2023		145		25,593		3,571
December 25, 2024		145		23,491		3,456
December 31, 2025		141		21,247		3,106
Thereafter		1,690		143,011		25,746
Total	$	2,361	$	248,265	$	40,204
Less: imputed interest (1.54% - 4.43%)		(470)		(55,750)
Present value of lease obligations		1,891		192,515
Less: current maturities		(149)		(19,718)
Noncurrent portion	$	1,742	$	172,797