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LEASES (Tables)
9 Months Ended
Sep. 27, 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

    

September 27, 2023

September 28, 2022

    

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

9

1

10

10

1

11

Operating lease cost

 

6,903

 

43

 

6,946

 

6,646

 

256

 

6,902

Short-term lease cost

 

 

2

 

2

 

 

4

 

4

Variable lease cost

 

150

 

332

 

482

 

151

 

196

 

347

Sublease income

 

(1,280)

 

 

(1,280)

 

(1,130)

 

 

(1,130)

Total lease cost

$

5,800

$

379

$

6,179

$

5,695

$

458

$

6,153

Thirty-Nine Weeks Ended

September 27, 2023

September 28, 2022

Property

    

Equipment

    

Property

    

Equipment

    

Leases

Leases

Total

Leases

Leases

Total

Finance lease cost:

  

 

  

 

  

  

 

  

 

  

Amortization of right-of-use assets

$

55

$

2

$

57

$

55

$

2

$

57

Interest on lease liabilities

29

2

 

31

 

32

2

 

34

Operating lease cost

 

20,589

 

342

 

20,931

 

19,795

 

776

 

20,571

Short-term lease cost

 

 

6

 

6

 

 

11

 

11

Variable lease cost

 

422

 

909

 

1,331

 

458

 

463

 

921

Sublease income

 

(3,773)

 

 

(3,773)

 

(3,387)

 

 

(3,387)

Total lease cost

$

17,322

$

1,261

$

18,583

$

16,953

$

1,254

$

18,207

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 27, 2023

  

September 28, 2022

  

September 27, 2023

  

September 28, 2022

Lease cost – Occupancy and other operating expenses

$

6,043

$

5,969

$

18,101

$

17,709

Lease cost – General & administrative

 

107

133

 

375

343

Lease cost – Depreciation and amortization

 

19

18

 

57

55

Lease cost – Interest expense

 

10

11

 

31

35

Lease cost – Closed-store reserve

 

22

 

19

65

Total lease cost

$

6,179

$

6,153

$

18,583

$

18,207

During the thirty-nine weeks ended September 27, 2023 and September 28, 2022, the Company had the following cash and non-cash activities associated with its leases (dollars in thousands):

Thirty-Nine Weeks Ended September 27, 2023

Thirty-Nine Weeks Ended September 28, 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

$

20,797

$

297

 

$

21,094

$

20,364

$

737

$

21,101

Financing cash flows used for finance leases

$

70

$

43

 

$

113

$

82

$

42

$

124

Non-cash investing and financing activities:

 

  

 

  

 

  

Operating lease ROU assets obtained in exchange for lease liabilities:

 

  

 

  

 

  

Operating lease ROU assets

$

15,445

$

54

 

$

15,499

$

10,486

$

86

$

10,572

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)

$

(4)

 

$

(44)

$

(39)

$

(24)

$

(63)

Other Information

 

  

 

  

 

  

Weighted-average remaining years in lease term—finance leases

 

17.12

 

2.46

  

18.12

3.44

Weighted-average remaining years in lease term—operating leases

 

10.56

 

3.42

  

10.91

1.57

Weighted-average discount rate—finance leases

 

2.57

%  

 

1.53

%  

  

2.57

%  

1.53

%  

Weighted-average discount rate—operating leases

 

4.85

%  

 

4.45

%  

  

4.49

%  

3.82

%  

Schedule of Financing Leases

Information regarding the Company’s minimum future lease obligations as of September 27, 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

$

38

$

7,050

$

1,021

December 25, 2024

 

151

 

27,867

 

4,041

December 31, 2025

 

147

 

26,149

 

3,653

December 30, 2026

 

114

 

23,778

 

3,289

December 29, 2027

 

104

 

22,314

 

3,239

Thereafter

 

1,479

 

134,298

 

21,645

Total

$

2,033

$

241,456

$

36,888

Less: imputed interest (1.53% - 4.85%)

 

(380)

 

(55,167)

 

  

Present value of lease obligations

 

1,653

 

186,289

 

  

Less: current maturities

 

(111)

 

(19,425)

 

  

Noncurrent portion

$

1,542

$

166,864

 

  

Schedule of Operating Leases

Information regarding the Company’s minimum future lease obligations as of September 27, 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

$

38

$

7,050

$

1,021

December 25, 2024

 

151

 

27,867

 

4,041

December 31, 2025

 

147

 

26,149

 

3,653

December 30, 2026

 

114

 

23,778

 

3,289

December 29, 2027

 

104

 

22,314

 

3,239

Thereafter

 

1,479

 

134,298

 

21,645

Total

$

2,033

$

241,456

$

36,888

Less: imputed interest (1.53% - 4.85%)

 

(380)

 

(55,167)

 

  

Present value of lease obligations

 

1,653

 

186,289

 

  

Less: current maturities

 

(111)

 

(19,425)

 

  

Noncurrent portion

$

1,542

$

166,864