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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