Leases (Tables)

3 Months Ended

Mar. 30, 2022

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
	March 30, 2022						March 31, 2021
	Property		Equipment				Property		Equipment
	Leases		Leases		Total		Leases		Leases		Total
Finance lease cost:
Amortization of right-of-use assets	$	18	$	—	$	18	$	20	$	—	$	20
Interest on lease liabilities		12		1		13		15		—		15
Operating lease cost		6,564		263		6,827		6,814		301		7,115
Short-term lease cost		—		4		4		—		5		5
Variable lease cost		136		117		253		122		107		229
Sublease income		(1,128)		—		(1,128)		(796)		—		(796)
Total lease cost	$	5,602	$	385	$	5,987	$	6,175	$	413	$	6,588

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

	March 30, 2022		March 31, 2021
Lease cost – Occupancy and other operating expenses	$	5,829	$	6,231
Lease cost – General & administrative		105		116
Lease cost – Depreciation and amortization		18		20
Lease cost – Interest expense		13		15
Lease cost - Closed-store reserve		22		206
Total lease cost	$	5,987	$	6,588

During the thirteen weeks ended March 30, 2022 and March 31, 2021, the Company had the following cash and non-cash activities associated with its leases (dollars in thousands):

	March 30, 2022								March 31, 2021
	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	$	6,743		$	250		$	6,993	$	5,377		$	296		$	5,673
Financing cash flows used for finance leases	$	35		$	13		$	48	$	10		$	7		$	17
Non-cash investing and financing activities:
Operating lease ROU assets obtained in exchange for lease liabilities:
Operating lease ROU assets	$	2,508		$	—		$	2,508	$	4,749		$	—		$	4,749
Finance lease ROU assets obtained in exchange for lease liabilities:
Finance lease ROU assets	$	—		$	28		$	28	$	—		$	196		$	196
Derecognition of ROU assets due to terminations, impairment or modifications	$	—		$	(13)		$	(13)	$	(63)		$	(39)		$	(102)
Other Information
Weighted-average remaining years in lease term—finance leases		18.30			3.93					18.84			4.77
Weighted-average remaining years in lease term—operating leases		11.22			1.23					11.38			2.09
Weighted-average discount rate—finance leases		2.72	%		1.53	%				2.51	%		1.54	%
Weighted-average discount rate—operating leases		4.42	%		3.87	%				4.35	%		3.92	%

Schedule of Capital Leases

Information regarding the Company’s minimum future lease obligations as of March 30, 2022 is as follows (in thousands):

	Finance		Operating Leases
	Minimum		Minimum		Minimum
	Lease		Lease		Sublease
For the Years Ending	Payments		Payments		Income
December 28, 2022	$	145	$	21,051	$	2,673
December 27, 2023		151		26,308		3,571
December 25, 2024		151		24,208		3,456
December 31, 2025		147		21,968		3,106
December 30, 2026		114		19,741		2,789
Thereafter		1,583		130,202		23,165
Total	$	2,291	$	243,478	$	38,760
Less: imputed interest (1.53% - 4.42%)		(445)		(54,025)
Present value of lease obligations		1,846		189,453
Less: current maturities		(138)		(20,052)
Noncurrent portion	$	1,708	$	169,401

Schedule of Operating Leases

Information regarding the Company’s minimum future lease obligations as of March 30, 2022 is as follows (in thousands):

	Finance		Operating Leases
	Minimum		Minimum		Minimum
	Lease		Lease		Sublease
For the Years Ending	Payments		Payments		Income
December 28, 2022	$	145	$	21,051	$	2,673
December 27, 2023		151		26,308		3,571
December 25, 2024		151		24,208		3,456
December 31, 2025		147		21,968		3,106
December 30, 2026		114		19,741		2,789
Thereafter		1,583		130,202		23,165
Total	$	2,291	$	243,478	$	38,760
Less: imputed interest (1.53% - 4.42%)		(445)		(54,025)
Present value of lease obligations		1,846		189,453
Less: current maturities		(138)		(20,052)
Noncurrent portion	$	1,708	$	169,401