XML 39 R29.htm IDEA: XBRL DOCUMENT v3.24.1.u1
LEASES (Tables)
3 Months Ended
Mar. 27, 2024
LEASES  
Schedule of lease cost

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Thirteen Weeks Ended

​

​

March 27, 2024

​

March 29, 2023

​

    

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

​

​

11

​

​

4

​

 

15

​

 

10

​

​

1

​

 

11

Operating lease cost:

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fixed rent cost

​

​

7,028

​

 

103

​

 

7,131

​

 

6,832

​

 

202

​

 

7,034

Short-term lease cost

​

 

—

​

 

1

​

 

1

​

 

—

​

 

3

​

 

3

Variable lease cost

​

 

133

​

 

347

​

 

480

​

 

142

​

 

233

​

 

375

Sublease income

​

 

(1,779)

​

 

—

​

 

(1,779)

​

 

(1,247)

​

 

—

​

 

(1,247)

Total lease cost

​

$

5,411

​

$

456

​

$

5,867

​

$

5,755

​

$

440

​

$

6,195

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

​

​

​

​

​

​

​

​

​

  

March 27, 2024

  

March 29, 2023

Lease cost – Occupancy and other operating expenses

​

$

5,715

​

$

6,009

Lease cost – General & administrative

​

 

118

​

​

136

Lease cost – Depreciation and amortization

​

 

19

​

​

19

Lease cost – Interest expense

​

 

15

​

​

11

Lease cost – Closed-store reserve

​

 

—

​

​

20

Total lease cost

​

$

5,867

​

$

6,195

​

During the thirteen weeks ended March 27, 2024 and March 29, 2023, the Company had the following cash and non-cash activities associated with its leases (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 27, 2024

​

March 29, 2023

​

  

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

​

$

7,000

​

$

20

 

$

7,020

​

$

6,907

​

$

188

​

$

7,095

Financing cash flows used for finance leases

​

$

23

​

$

25

 

$

48

​

$

24

​

$

14

​

$

38

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-cash investing and financing activities:

​

 

  

​

 

  

 

​

  

​

​

​

​

​

​

​

​

​

Operating lease ROU assets obtained in exchange for lease liabilities:

​

 

  

​

 

  

 

​

  

​

​

​

​

​

​

​

​

​

Operating lease ROU assets

​

$

5,860

​

$

488

 

$

6,348

​

$

10,097

​

$

—

​

$

10,097

Finance lease ROU assets obtained in exchange for lease liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Finance lease ROU assets

​

$

—

​

$

148

​

$

148

​

$

—

​

$

28

​

$

28

Derecognition of ROU assets due to terminations, impairment or modifications

​

$

—

​

$

—

 

$

—

​

$

(40)

​

$

—

​

$

(40)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other Information

​

 

  

​

 

  

 

​

  

​

​

​

​

​

​

​

​

​

Weighted-average remaining years in lease term—finance leases

​

 

16.63

​

 

3.08

​

​

  

​

​

17.62

​

​

2.95

​

​

​

Weighted-average remaining years in lease term—operating leases

​

 

10.39

​

 

4.18

​

​

  

​

​

10.78

​

​

2.33

​

​

​

Weighted-average discount rate—finance leases

​

 

2.57

%  

 

6.25

%  

​

  

​

​

2.57

%  

​

1.53

%  

​

​

Weighted-average discount rate—operating leases

​

 

5.11

%  

 

6.37

%  

​

  

​

​

2.55

%  

​

3.71

%  

​

​

Schedule of Financing Leases

Information regarding the Company’s minimum future lease obligations as of March 27, 2024 is as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

Finance Leases

​

Operating Leases

​

    

Minimum

    

Minimum

    

Minimum

​

​

Lease

​

Lease

​

Sublease

For the Years Ending

​

Payments

​

Payments

​

Income

December 25, 2024

​

$

260

​

$

21,848

​

$

4,406

December 31, 2025

​

 

343

​

 

28,435

​

 

5,518

December 30, 2026

​

 

310

​

 

26,390

​

 

5,034

December 29, 2027

​

 

300

​

 

25,005

​

 

4,858

December 27, 2028

​

 

233

​

 

22,794

​

 

4,484

Thereafter

​

 

1,376

​

 

125,417

​

 

27,838

Total

​

$

2,822

​

$

249,889

​

$

52,138

Less: imputed interest (2.57% - 6.37%)

​

 

(951)

​

 

(60,632)

​

 

  

Present value of lease obligations

​

 

1,871

​

 

189,257

​

 

  

Less: current maturities

​

 

(168)

​

 

(19,640)

​

 

  

Noncurrent portion

​

$

1,703

​

$

169,617

​

 

  

​

Schedule of Operating Leases

Information regarding the Company’s minimum future lease obligations as of March 27, 2024 is as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

Finance Leases

​

Operating Leases

​

    

Minimum

    

Minimum

    

Minimum

​

​

Lease

​

Lease

​

Sublease

For the Years Ending

​

Payments

​

Payments

​

Income

December 25, 2024

​

$

260

​

$

21,848

​

$

4,406

December 31, 2025

​

 

343

​

 

28,435

​

 

5,518

December 30, 2026

​

 

310

​

 

26,390

​

 

5,034

December 29, 2027

​

 

300

​

 

25,005

​

 

4,858

December 27, 2028

​

 

233

​

 

22,794

​

 

4,484

Thereafter

​

 

1,376

​

 

125,417

​

 

27,838

Total

​

$

2,822

​

$

249,889

​

$

52,138

Less: imputed interest (2.57% - 6.37%)

​

 

(951)

​

 

(60,632)

​

 

  

Present value of lease obligations

​

 

1,871

​

 

189,257

​

 

  

Less: current maturities

​

 

(168)

​

 

(19,640)

​

 

  

Noncurrent portion

​

$

1,703

​

$

169,617

​