LEASES (Tables)

9 Months Ended

Oct. 01, 2023

The weighted average remaining lease term and discount rate were as follows as of the period indicated:


	October 1, 2023		December 25, 2022
Weighted average remaining lease term (years)	8.3		8.4
Weighted average discount rate	5.98	%	5.51	%

The components of lease cost were as follows for the periods indicated:


		Twelve Weeks Ended				Forty Weeks Ended
($ in thousands)	Classification	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022
Operating lease cost	Occupancy, General and administrative expenses	$	10,372	$	9,795	$	33,384	$	32,885
Pre-opening lease cost	Pre-opening costs	1,134		1,186		3,436		2,721
Closed store lease cost	Restructuring and other costs	112		95		489		723
Short-term lease costs	General and administrative expenses	74		108		292		343
Variable lease cost	Occupancy	336		70		1,158		163
Sublease income	Other income	(138)		(137)		(444)		(464)
Total lease cost		$	11,890	$	11,117	$	38,315	$	36,371

Supplemental disclosures of cash flow information related to leases were as follows for periods indicated:


	Twelve Weeks Ended				Forty Weeks Ended
($ in thousands)	October 1, 2023		October 2, 2022		October 1, 2023		October 2, 2022
Cash paid for operating lease liabilities	$	12,067	$	7,983	$	35,220	$	34,715
Operating lease assets obtained in exchange for operating lease liabilities (1)	8,457		8,047		42,341		313,806
Derecognition of operating lease assets due to termination or impairment	236		2,991		3,022		7,654

(1) Amount presented for the forty weeks ended October 2, 2022 includes a $256.9 million transition adjustment for the adoption of ASC 842.

Future minimum lease payments by fiscal year for operating leases consisted of the following as of October 1, 2023:


($ in thousands)	Operating leases
2023 (remainder)	$	9,387
2024	55,481
2025	56,135
2026	55,117
2027	52,784
Thereafter	214,252
Total	443,156
Less: imputed interest	100,797
Operating lease liabilities (current and non-current)	$	342,359