XML 41 R31.htm IDEA: XBRL DOCUMENT v3.24.2.u1
LEASES (Tables)
6 Months Ended
Jun. 26, 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

​

    

June 26, 2024

​

June 28, 2023

​

    

Property

    

Equipment

    

​

​

​

Property

​

Equipment

​

​

​

​

​

Leases

​

Leases

​

Total

​

Leases

​

Leases

​

Total

Finance lease cost:

 

​

  

 

​

  

 

​

  

​

​

​

​

​

​

​

​

​

Amortization of right-of-use assets

​

$

20

​

$

47

​

$

67

​

$

19

​

$

—

​

$

19

Interest on lease liabilities

​

​

8

​

​

4

​

​

12

​

​

10

​

​

—

​

​

10

Operating lease cost:

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Fixed rent cost:

​

​

7,180

​

​

49

​

​

7,229

​

​

6,873

​

​

238

​

​

7,111

Short-term lease cost

​

 

—

​

 

—

​

 

—

​

 

—

​

 

1

​

 

1

Variable lease cost

​

 

151

​

 

346

​

 

497

​

 

130

​

 

203

​

 

333

Sublease income

​

 

(1,758)

​

 

—

​

 

(1,758)

​

 

(1,246)

​

 

—

​

 

(1,246)

Total lease cost

​

$

5,601

​

$

446

​

$

6,047

​

$

5,786

​

$

442

​

$

6,228

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Twenty-Six Weeks Ended

​

​

June 26, 2024

​

June 28, 2023

​

    

Property

    

Equipment

    

​

​

    

Property

    

Equipment

    

​

​

​

​

Leases

​

Leases

​

Total

​

Leases

​

Leases

​

Total

Finance lease cost:

​

​

  

 

​

  

 

​

  

​

​

  

 

​

  

 

​

  

Amortization of right-of-use assets

​

$

38

​

$

48

​

$

86

​

$

37

​

$

1

​

$

38

Interest on lease liabilities

​

​

19

​

​

8

​

 

27

​

 

20

​

​

1

​

 

21

Operating lease cost:

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fixed rent cost

​

​

14,208

​

 

152

​

 

14,360

​

 

13,705

​

 

440

​

 

14,145

Short-term lease cost

​

 

—

​

 

1

​

 

1

​

 

—

​

 

4

​

 

4

Variable lease cost

​

 

284

​

 

693

​

 

977

​

 

272

​

 

436

​

 

708

Sublease income

​

 

(3,537)

​

 

—

​

 

(3,537)

​

 

(2,493)

​

 

—

​

 

(2,493)

Total lease cost

​

$

11,012

​

$

902

​

$

11,914

​

$

11,541

​

$

882

​

$

12,423

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 26, 2024

  

June 28, 2023

​

  

June 26, 2024

  

June 28, 2023

Lease cost – Occupancy and other operating expenses

​

$

5,851

​

$

6,048

​

​

$

11,566

​

$

12,057

Lease cost – General & administrative

​

 

117

​

​

133

​

​

 

235

​

​

269

Lease cost – Depreciation and amortization

​

 

67

​

​

19

​

​

 

86

​

​

38

Lease cost – Interest expense

​

 

12

​

​

10

​

​

 

27

​

​

21

Lease cost – Closed-store reserve

​

 

—

​

​

18

​

​

 

—

​

​

38

Total lease cost

​

$

6,047

​

$

6,228

​

​

$

11,914

​

$

12,423

​

During the twenty-six weeks ended June 26, 2024 and June 28, 2023, the Company had the following cash and non-cash activities associated with its leases (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Twenty-Six Weeks Ended June 26, 2024

​

Twenty-Six Weeks Ended June 28, 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

​

$

14,076

​

$

108

 

$

14,184

​

$

13,814

​

$

269

​

$

14,083

Financing cash flows used for finance leases

​

$

47

​

$

54

 

$

101

​

$

47

​

$

29

​

$

76

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Non-cash investing and financing activities:

​

 

  

​

 

  

 

​

  

​

​

​

​

​

​

​

​

​

Operating lease ROU assets obtained in exchange for lease liabilities:

​

 

  

​

 

  

 

​

  

​

​

​

​

​

​

​

​

​

Operating lease ROU assets

​

$

6,866

​

$

1,233

 

$

8,099

​

$

13,607

​

$

27

​

$

13,634

Finance lease ROU assets obtained in exchange for lease liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Finance lease ROU assets

​

$

—

​

$

69

​

$

69

​

$

—

​

$

—

​

$

—

Derecognition of ROU assets due to terminations, impairment or modifications

​

$

—

​

$

—

 

$

—

​

$

(40)

​

$

—

​

$

(40)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other Information

​

 

  

​

 

  

 

​

  

​

​

​

​

​

​

​

​

​

Weighted-average remaining years in lease term—finance leases

​

 

16.38

​

 

3.11

​

​

  

​

​

17.37

​

​

2.71

​

​

​

Weighted-average remaining years in lease term—operating leases

​

 

10.26

​

 

4.22

​

​

  

​

​

10.74

​

​

3.13

​

​

​

Weighted-average discount rate—finance leases

​

 

2.57

%  

 

6.21

%  

​

  

​

​

2.57

%  

​

1.53

%  

​

​

Weighted-average discount rate—operating leases

​

 

5.12

%  

 

6.67

%  

​

  

​

​

4.81

%  

​

4.05

%  

​

​

Schedule of Financing Leases

Information regarding the Company’s minimum future lease obligations as of June 26, 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

​

$

104

​

$

14,485

​

$

2,944

December 31, 2025

​

 

204

​

 

28,353

​

 

5,518

December 30, 2026

​

 

171

​

 

26,316

​

 

5,034

December 29, 2027

​

 

161

​

 

24,913

​

 

4,858

December 27, 2028

​

 

117

​

 

22,754

​

 

4,484

Thereafter

​

 

1,376

​

 

126,041

​

 

27,838

Total

​

$

2,133

​

$

242,862

​

$

50,676

Less: imputed interest (2.57% - 6.67%)

​

 

(380)

​

 

(56,551)

​

 

  

Present value of lease obligations

​

 

1,753

​

 

186,311

​

 

  

Less: current maturities

​

 

(156)

​

 

(19,903)

​

 

  

Noncurrent portion

​

$

1,597

​

$

166,408

​

 

  

​

Schedule of Operating Leases

Information regarding the Company’s minimum future lease obligations as of June 26, 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

​

$

104

​

$

14,485

​

$

2,944

December 31, 2025

​

 

204

​

 

28,353

​

 

5,518

December 30, 2026

​

 

171

​

 

26,316

​

 

5,034

December 29, 2027

​

 

161

​

 

24,913

​

 

4,858

December 27, 2028

​

 

117

​

 

22,754

​

 

4,484

Thereafter

​

 

1,376

​

 

126,041

​

 

27,838

Total

​

$

2,133

​

$

242,862

​

$

50,676

Less: imputed interest (2.57% - 6.67%)

​

 

(380)

​

 

(56,551)

​

 

  

Present value of lease obligations

​

 

1,753

​

 

186,311

​

 

  

Less: current maturities

​

 

(156)

​

 

(19,903)

​

 

  

Noncurrent portion

​

$

1,597

​

$

166,408

​