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LEASES (Tables)
12 Months Ended
Dec. 28, 2022
Leases [Abstract]  
Schedule of lease cost

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

December 28, 2022

December 29, 2021

December 30, 2020

Property

    

Equipment

    

Property

    

Equipment

    

Property

Equipment

Leases

Leases

Total

Leases

Leases

Total

Leases

Leases

Total

Finance lease cost:

  

 

  

 

  

  

 

  

 

  

Amortization of right-of-use assets

$

73

$

2

$

75

$

78

$

2

$

80

$

11

$

$

11

Interest on lease liabilities

42

3

 

45

 

58

1

 

59

27

27

Operating lease cost

 

26,537

 

1,005

 

27,542

 

26,501

 

1,122

 

27,623

 

26,578

 

1,227

 

27,805

Short-term lease cost

 

 

18

 

18

 

 

21

 

21

 

 

23

 

23

Variable lease cost

 

597

 

677

 

1,274

 

539

 

354

 

893

 

444

 

191

 

635

Sublease income

 

(4,555)

 

 

(4,555)

 

(3,823)

 

 

(3,823)

 

(3,251)

 

 

(3,251)

Total lease cost

$

22,694

$

1,705

$

24,399

$

23,353

$

1,500

$

24,853

$

23,809

$

1,441

$

25,250

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

  

December 28, 2022

  

December 29, 2021

December 30, 2020

Lease cost – Occupancy and other operating expenses

$

23,730

$

24,020

$

23,972

Lease cost – General & administrative

 

465

413

464

Lease cost – Depreciation and amortization

 

73

78

11

Lease cost – Interest expense

 

45

59

27

Lease cost – Closed-store reserve

 

86

283

776

Total lease cost

$

24,399

$

24,853

$

25,250

The Company had the following cash and non-cash activities associated with its leases (in thousands):

December 28, 2022

December 29, 2021

December 30, 2020

  

Property

  

Equipment

  

  

Property

  

Equipment

  

Property

Equipment

Leases

Leases

Total

Leases

Leases

Total

Leases

Leases

Total

Cash paid for amounts included in the measurement of lease liabilities

 

  

 

  

 

  

Operating cash flows used for operating leases

$

27,221

$

953

 

$

28,174

$

26,414

$

1,084

$

27,498

$

23,683

$

1,230

$

24,913

Financing cash flows used for finance leases

$

106

$

56

 

$

162

$

102

$

46

$

148

$

34

$

5

$

39

Non-cash investing and financing activities:

 

  

 

  

 

  

Operating lease ROU assets obtained in exchange for lease liabilities:

 

  

 

  

 

  

Operating lease ROU assets

$

12,978

$

92

 

$

13,070

$

17,763

$

$

17,763

$

5,850

$

13

$

5,863

Finance lease ROU assets obtained in exchange for lease liabilities:

Finance lease ROU assets

$

$

28

$

28

$

$

196

$

196

$

1,623

$

54

$

1,677

Derecognition of ROU assets due to terminations, impairment or modifications

$

(39)

$

(35)

 

$

(74)

$

(4,513)

$

(99)

$

(4,612)

$

(543)

$

(26)

$

(569)

Other Information

 

  

 

  

 

  

Weighted-average remaining years in lease term—finance leases

 

17.87

 

3.19

  

18.42

4.02

18.98

4.52

Weighted-average remaining years in lease term—operating leases

 

10.73

 

1.73

  

11.27

1.44

11.45

2.31

Weighted-average discount rate—finance leases

 

2.57

%  

 

1.53

%  

  

2.78

%  

1.54

%  

2.50

%  

1.68

%  

Weighted-average discount rate—operating leases

 

4.54

%  

 

3.80

%  

  

4.45

%  

3.89

%  

4.29

%  

3.93

%  

Schedule of Financing Leases

Information regarding the Company’s minimum future lease obligations at December 28, 2022 is as follows (in thousands):

Finance

Operating Leases

    

Minimum

    

Minimum

    

Minimum

Lease

Lease

Sublease

For the Years Ending

Payments

Payments

Income

December 27, 2023

$

151

$

27,876

$

4,040

December 25, 2024

 

151

 

25,887

 

3,685

December 31, 2025

 

147

 

23,729

 

3,207

December 30, 2026

 

114

 

21,595

 

2,881

December 29, 2027

 

104

 

19,806

 

2,829

Thereafter

 

1,479

 

117,566

 

20,403

Total

$

2,146

$

236,459

$

37,045

Less: imputed interest (1.53% - 4.54%)

 

(410)

 

(51,315)

 

  

Present value of lease obligations

 

1,736

 

185,144

 

  

Less: current maturities

 

(110)

 

(19,995)

 

  

Noncurrent portion

$

1,626

$

165,149

 

  

Schedule of Operating Leases

Information regarding the Company’s minimum future lease obligations at December 28, 2022 is as follows (in thousands):

Finance

Operating Leases

    

Minimum

    

Minimum

    

Minimum

Lease

Lease

Sublease

For the Years Ending

Payments

Payments

Income

December 27, 2023

$

151

$

27,876

$

4,040

December 25, 2024

 

151

 

25,887

 

3,685

December 31, 2025

 

147

 

23,729

 

3,207

December 30, 2026

 

114

 

21,595

 

2,881

December 29, 2027

 

104

 

19,806

 

2,829

Thereafter

 

1,479

 

117,566

 

20,403

Total

$

2,146

$

236,459

$

37,045

Less: imputed interest (1.53% - 4.54%)

 

(410)

 

(51,315)

 

  

Present value of lease obligations

 

1,736

 

185,144

 

  

Less: current maturities

 

(110)

 

(19,995)

 

  

Noncurrent portion

$

1,626

$

165,149