XML 37 R28.htm IDEA: XBRL DOCUMENT v3.23.2
LEASES (Tables)
6 Months Ended
Jun. 28, 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

​

    

June 28, 2023

​

June 29, 2022

​

    

Property

    

Equipment

    

​

​

​

Property

​

Equipment

​

​

​

​

​

Leases

​

Leases

​

Total

​

Leases

​

Leases

​

Total

Finance lease cost:

 

​

  

 

​

  

 

​

  

​

​

​

​

​

​

​

​

​

Amortization of right-of-use assets

​

$

19

​

$

—

​

$

19

​

$

18

​

$

1

​

$

19

Interest on lease liabilities

​

​

10

​

​

—

​

​

10

​

​

10

​

​

1

​

​

11

Operating lease cost

​

 

6,873

​

 

238

​

 

7,111

​

 

6,585

​

 

258

​

 

6,843

Short-term lease cost

​

 

—

​

 

1

​

 

1

​

 

—

​

 

4

​

 

4

Variable lease cost

​

 

130

​

 

203

​

 

333

​

 

171

​

 

149

​

 

320

Sublease income

​

 

(1,246)

​

 

—

​

 

(1,246)

​

 

(1,129)

​

 

—

​

 

(1,129)

Total lease cost

​

$

5,786

​

$

442

​

$

6,228

​

$

5,655

​

$

413

​

$

6,068

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Twenty-Six Weeks Ended

​

​

June 28, 2023

​

June 29, 2022

​

​

Property

    

Equipment

    

​

​

​

Property

    

Equipment

    

​

​

​

​

Leases

​

Leases

​

Total

​

Leases

​

Leases

​

Total

Finance lease cost:

​

​

  

 

​

  

 

​

  

​

​

  

 

​

  

 

​

  

Amortization of right-of-use assets

​

$

37

​

$

1

​

$

38

​

$

37

​

$

1

​

$

38

Interest on lease liabilities

​

​

20

​

​

1

​

 

21

​

 

22

​

​

2

​

 

24

Operating lease cost

​

 

13,705

​

 

440

​

 

14,145

​

 

13,149

​

 

521

​

 

13,670

Short-term lease cost

​

 

—

​

 

4

​

 

4

​

 

—

​

 

8

​

 

8

Variable lease cost

​

 

272

​

 

436

​

 

708

​

 

307

​

 

267

​

 

574

Sublease income

​

 

(2,493)

​

 

—

​

 

(2,493)

​

 

(2,257)

​

 

—

​

 

(2,257)

Total lease cost

​

$

11,541

​

$

882

​

$

12,423

​

$

11,258

​

$

799

​

$

12,057

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Thirteen Weeks Ended

​

​

Twenty-Six Weeks Ended

​

  

June 28, 2023

  

June 29, 2022

​

  

June 28, 2023

  

June 29, 2022

Lease cost – Occupancy and other operating expenses

​

$

6,048

​

$

5,912

​

​

$

12,057

​

$

11,742

Lease cost – General & administrative

​

 

133

​

​

105

​

​

 

269

​

​

210

Lease cost – Depreciation and amortization

​

 

19

​

​

18

​

​

 

38

​

​

37

Lease cost – Interest expense

​

 

10

​

​

11

​

​

 

21

​

​

24

Lease cost – Closed-store reserve

​

 

18

​

​

22

​

​

 

38

​

​

44

Total lease cost

​

$

6,228

​

$

6,068

​

​

$

12,423

​

$

12,057

​

During the twenty-six weeks ended June 28, 2023 and June 29, 2022, the Company had the following cash and non-cash activities associated with its leases (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Twenty-Six Weeks Ended June 28, 2023

​

Twenty-Six Weeks Ended June 29, 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

​

$

13,814

​

$

269

 

$

14,083

​

$

13,543

​

$

495

​

$

14,038

Financing cash flows used for finance leases

​

$

47

​

$

29

 

$

76

​

$

58

​

$

28

​

$

86

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-cash investing and financing activities:

​

 

  

​

 

  

 

​

  

​

​

​

​

​

​

​

​

​

Operating lease ROU assets obtained in exchange for lease liabilities:

​

 

  

​

 

  

 

​

  

​

​

​

​

​

​

​

​

​

Operating lease ROU assets

​

$

13,607

​

$

27

 

$

13,634

​

$

8,485

​

$

—

​

$

8,485

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)

​

$

—

​

$

(24)

​

$

(24)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other Information

​

 

  

​

 

  

 

​

  

​

​

​

​

​

​

​

​

​

Weighted-average remaining years in lease term—finance leases

​

 

17.37

​

 

2.71

​

​

  

​

​

18.37

​

​

3.68

​

​

​

Weighted-average remaining years in lease term—operating leases

​

 

10.74

​

 

3.13

​

​

  

​

​

11.01

​

​

1.19

​

​

​

Weighted-average discount rate—finance leases

​

 

2.57

%  

 

1.53

%  

​

  

​

​

2.57

%  

​

1.53

%  

​

​

Weighted-average discount rate—operating leases

​

 

4.81

%  

 

4.05

%  

​

  

​

​

4.47

%  

​

3.82

%  

​

​

Schedule of Financing Leases

Information regarding the Company’s minimum future lease obligations as of June 28, 2023 is as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

Finance Leases

​

Operating Leases

​

    

Minimum

    

Minimum

    

Minimum

​

​

Lease

​

Lease

​

Sublease

For the Years Ending

​

Payments

​

Payments

​

Income

December 27, 2023

​

$

76

​

$

14,077

​

$

2,032

December 25, 2024

​

 

151

​

 

27,598

​

 

3,942

December 31, 2025

​

 

147

​

 

25,676

​

 

3,461

December 30, 2026

​

 

114

​

 

23,302

​

 

3,097

December 29, 2027

​

 

104

​

 

21,838

​

 

3,053

Thereafter

​

 

1,479

​

 

133,575

​

 

21,368

Total

​

$

2,071

​

$

246,066

​

$

36,953

Less: imputed interest (1.53% - 4.81%)

​

 

(390)

​

 

(56,860)

​

 

  

Present value of lease obligations

​

 

1,681

​

 

189,206

​

 

  

Less: current maturities

​

 

(111)

​

 

(19,464)

​

 

  

Noncurrent portion

​

$

1,570

​

$

169,742

​

 

  

​

Schedule of Operating Leases

Information regarding the Company’s minimum future lease obligations as of June 28, 2023 is as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

Finance Leases

​

Operating Leases

​

    

Minimum

    

Minimum

    

Minimum

​

​

Lease

​

Lease

​

Sublease

For the Years Ending

​

Payments

​

Payments

​

Income

December 27, 2023

​

$

76

​

$

14,077

​

$

2,032

December 25, 2024

​

 

151

​

 

27,598

​

 

3,942

December 31, 2025

​

 

147

​

 

25,676

​

 

3,461

December 30, 2026

​

 

114

​

 

23,302

​

 

3,097

December 29, 2027

​

 

104

​

 

21,838

​

 

3,053

Thereafter

​

 

1,479

​

 

133,575

​

 

21,368

Total

​

$

2,071

​

$

246,066

​

$

36,953

Less: imputed interest (1.53% - 4.81%)

​

 

(390)

​

 

(56,860)

​

 

  

Present value of lease obligations

​

 

1,681

​

 

189,206

​

 

  

Less: current maturities

​

 

(111)

​

 

(19,464)

​

 

  

Noncurrent portion

​

$

1,570

​

$

169,742

​