LEASES (Tables)

3 Months Ended

Mar. 29, 2023

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 29, 2023						March 30, 2022
	Property		Equipment				Property		Equipment
	Leases		Leases		Total		Leases		Leases		Total
Finance lease cost:
Amortization of right-of-use assets	$	18	$	1	$	19	$	18	$	—	$	18
Interest on lease liabilities		10		1		11		12		1		13
Operating lease cost		6,832		202		7,034		6,564		263		6,827
Short-term lease cost		—		3		3		—		4		4
Variable lease cost		142		233		375		136		117		253
Sublease income		(1,247)		—		(1,247)		(1,128)		—		(1,128)
Total lease cost	$	5,755	$	440	$	6,195	$	5,602	$	385	$	5,987

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

	March 29, 2023		March 30, 2022
Lease cost – Occupancy and other operating expenses	$	6,009	$	5,829
Lease cost – General & administrative		136		105
Lease cost – Depreciation and amortization		19		18
Lease cost – Interest expense		11		13
Lease cost – Closed-store reserve		20		22
Total lease cost	$	6,195	$	5,987

During the thirteen weeks ended March 29, 2023 and March 30, 2022, the Company had the following cash and non-cash activities associated with its leases (dollars in thousands):

	March 29, 2023								March 30, 2022
	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	$	6,907		$	188		$	7,095	$	6,743		$	250		$	6,993
Financing cash flows used for finance leases	$	24		$	14		$	38	$	35		$	13		$	48
Non-cash investing and financing activities:
Operating lease ROU assets obtained in exchange for lease liabilities:
Operating lease ROU assets	$	10,097		$	—		$	10,097	$	2,508		$	—		$	2,508
Finance lease ROU assets obtained in exchange for lease liabilities:
Finance lease ROU assets	$	—		$	—		$	—	$	—		$	28		$	28
Derecognition of ROU assets due to terminations, impairment or modifications	$	(40)		$	—		$	(40)	$	—		$	(13)		$	(13)
Other Information
Weighted-average remaining years in lease term—finance leases		17.62			2.95					18.30			3.93
Weighted-average remaining years in lease term—operating leases		10.78			2.33					11.22			1.23
Weighted-average discount rate—finance leases		2.57	%		1.53	%				2.72	%		1.53	%
Weighted-average discount rate—operating leases		2.55	%		3.71	%				4.42	%		3.87	%

Schedule of Financing Leases

Information regarding the Company’s minimum future lease obligations as of March 29, 2023 is as follows (in thousands):

	Finance		Operating Leases
	Minimum		Minimum		Minimum
	Lease		Lease		Sublease
For the Years Ending	Payments		Payments		Income
December 27, 2023	$	113	$	21,166	$	3,082
December 25, 2024		151		27,312		3,889
December 31, 2025		147		25,345		3,412
December 30, 2026		114		22,856		3,085
December 29, 2027		104		21,164		3,041
Thereafter		1,479		128,776		21,348
Total	$	2,108	$	246,619	$	37,857
Less: imputed interest (1.53% - 3.71%)		(400)		(56,248)
Present value of lease obligations		1,708		190,371
Less: current maturities		(110)		(19,592)
Noncurrent portion	$	1,598	$	170,779

Schedule of Operating Leases

Information regarding the Company’s minimum future lease obligations as of March 29, 2023 is as follows (in thousands):

	Finance		Operating Leases
	Minimum		Minimum		Minimum
	Lease		Lease		Sublease
For the Years Ending	Payments		Payments		Income
December 27, 2023	$	113	$	21,166	$	3,082
December 25, 2024		151		27,312		3,889
December 31, 2025		147		25,345		3,412
December 30, 2026		114		22,856		3,085
December 29, 2027		104		21,164		3,041
Thereafter		1,479		128,776		21,348
Total	$	2,108	$	246,619	$	37,857
Less: imputed interest (1.53% - 3.71%)		(400)		(56,248)
Present value of lease obligations		1,708		190,371
Less: current maturities		(110)		(19,592)
Noncurrent portion	$	1,598	$	170,779