XML 38 R28.htm IDEA: XBRL DOCUMENT v3.22.2.2
Leases (Tables)
9 Months Ended
Sep. 28, 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

​

    

September 28, 2022

​

September 29, 2021

​

    

Property

    

Equipment

    

​

​

​

Property

​

Equipment

​

​

​

​

​

Leases

​

Leases

​

Total

​

Leases

​

Leases

​

Total

Finance lease cost:

 

​

  

 

​

  

 

​

  

​

​

​

​

​

​

​

​

​

Amortization of right-of-use assets

​

$

18

​

$

1

​

$

19

​

$

18

​

$

1

​

$

19

Interest on lease liabilities

​

​

10

​

​

1

​

​

11

​

​

14

​

​

1

​

​

15

Operating lease cost

​

 

6,646

​

 

256

​

 

6,902

​

 

6,552

​

 

267

​

 

6,819

Short-term lease cost

​

 

—

​

 

4

​

 

4

​

 

—

​

 

7

​

 

7

Variable lease cost

​

 

151

​

 

196

​

 

347

​

 

138

​

 

70

​

 

208

Sublease income

​

 

(1,130)

​

 

—

​

 

(1,130)

​

 

(1,128)

​

 

—

​

 

(1,128)

Total lease cost

​

$

5,695

​

$

458

​

$

6,153

​

$

5,594

​

$

346

​

$

5,940

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Thirty-Nine Weeks Ended

​

​

September 28, 2022

​

September 29, 2021

​

​

Property

    

Equipment

    

​

​

​

Property

    

Equipment

    

​

​

​

​

Leases

​

Leases

​

Total

​

Leases

​

Leases

​

Total

Finance lease cost:

​

​

  

 

​

  

 

​

  

​

​

  

 

​

  

 

​

  

Amortization of right-of-use assets

​

$

55

​

$

2

​

$

57

​

$

60

​

$

2

​

$

62

Interest on lease liabilities

​

​

32

​

​

2

​

 

34

​

 

44

​

​

2

​

 

46

Operating lease cost

​

 

19,795

​

 

776

​

 

20,571

​

 

19,935

​

 

861

​

 

20,796

Short-term lease cost

​

 

—

​

 

11

​

 

11

​

 

—

​

 

17

​

 

17

Variable lease cost

​

 

458

​

 

463

​

 

921

​

 

413

​

 

260

​

 

673

Sublease income

​

 

(3,387)

​

 

—

​

 

(3,387)

​

 

(2,722)

​

 

—

​

 

(2,722)

Total lease cost

​

$

16,953

​

$

1,254

​

$

18,207

​

$

17,730

​

$

1,142

​

$

18,872

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 28, 2022

  

September 29, 2021

​

  

September 28, 2022

  

September 29, 2021

Lease cost – Occupancy and other operating expenses

​

$

5,969

​

$

5,811

​

​

$

17,709

​

$

18,191

Lease cost – General & administrative

​

 

133

​

​

97

​

​

 

343

​

​

316

Lease cost – Depreciation and amortization

​

 

18

​

​

18

​

​

 

55

​

​

60

Lease cost – Interest expense

​

 

11

​

​

14

​

​

 

35

​

​

44

Lease cost – Closed-store reserve

​

 

22

​

​

—

​

​

 

65

​

​

261

Total lease cost

​

$

6,153

​

$

5,940

​

​

$

18,207

​

$

18,872

​

During the thirteen and thirty-nine weeks ended September 28, 2022 and September 29, 2021, the Company had the following cash and non-cash activities associated with its leases (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Thirty-Nine Weeks Ended September 28, 2022

​

Thirty-Nine Weeks Ended September 29, 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

​

$

20,364

​

$

737

 

$

21,101

​

$

19,371

​

$

831

​

$

20,202

Financing cash flows used for finance leases

​

$

82

​

$

42

 

$

124

​

$

67

​

$

33

​

$

100

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-cash investing and financing activities:

​

 

  

​

 

  

 

​

  

​

​

​

​

​

​

​

​

​

Operating lease ROU assets obtained in exchange for lease liabilities:

​

 

  

​

 

  

 

​

  

​

​

​

​

​

​

​

​

​

Operating lease ROU assets

​

$

10,486

​

$

86

 

$

10,572

​

$

13,848

​

$

—

​

$

13,848

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

​

$

(39)

​

$

(24)

 

$

(63)

​

$

(4,513)

​

$

(99)

​

$

(4,612)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other Information

​

 

  

​

 

  

 

​

  

​

​

​

​

​

​

​

​

​

Weighted-average remaining years in lease term—finance leases

​

 

18.12

​

 

3.44

​

​

  

​

​

18.56

​

​

4.27

​

​

​

Weighted-average remaining years in lease term—operating leases

​

 

10.91

​

 

1.57

​

​

  

​

​

11.37

​

​

1.66

​

​

​

Weighted-average discount rate—finance leases

​

 

2.57

%  

 

1.53

%  

​

  

​

​

2.84

%  

​

1.54

%  

​

​

Weighted-average discount rate—operating leases

​

 

4.49

%  

 

3.82

%  

​

  

​

​

4.43

%  

​

3.91

%  

​

​

Schedule of Financing Leases

Information regarding the Company’s minimum future lease obligations as of September 28, 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

​

$

38

​

$

7,073

​

$

937

December 27, 2023

​

 

151

​

 

27,673

​

 

3,698

December 25, 2024

​

 

151

​

 

25,348

​

 

3,510

December 31, 2025

​

 

147

​

 

23,186

​

 

3,115

December 30, 2026

​

 

114

​

 

21,048

​

 

2,789

Thereafter

​

 

1,583

​

 

135,928

​

 

23,165

Total

​

$

2,184

​

$

240,256

​

$

37,214

Less: imputed interest (1.53% - 4.49%)

​

 

(422)

​

 

(52,631)

​

 

  

Present value of lease obligations

​

 

1,762

​

 

187,625

​

 

  

Less: current maturities

​

 

(109)

​

 

(20,063)

​

 

  

Noncurrent portion

​

$

1,653

​

$

167,562

​

 

  

​

Schedule of Operating Leases

Information regarding the Company’s minimum future lease obligations as of September 28, 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

​

$

38

​

$

7,073

​

$

937

December 27, 2023

​

 

151

​

 

27,673

​

 

3,698

December 25, 2024

​

 

151

​

 

25,348

​

 

3,510

December 31, 2025

​

 

147

​

 

23,186

​

 

3,115

December 30, 2026

​

 

114

​

 

21,048

​

 

2,789

Thereafter

​

 

1,583

​

 

135,928

​

 

23,165

Total

​

$

2,184

​

$

240,256

​

$

37,214

Less: imputed interest (1.53% - 4.49%)

​

 

(422)

​

 

(52,631)

​

 

  

Present value of lease obligations

​

 

1,762

​

 

187,625

​

 

  

Less: current maturities

​

 

(109)

​

 

(20,063)

​

 

  

Noncurrent portion

​

$

1,653

​

$

167,562

​