Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.19.1
Leases (Tables)
3 Months Ended
Mar. 31, 2019
Leases [Abstract]  
Components of operating lease costs
Components of operating lease costs are as follows for the thirteen weeks ended March 31, 2019:
Lease cost
 
Classification
 
Unrelated Parties
 
Related Party
 
Total
Operating lease cost (a)
 
Occupancy, General and administrative expenses and Property and equipment, net
 
$
5,436

 
$
576

 
$
6,012

Variable lease cost
 
Occupancy
 
101

 
151

 
252

 
 
 
 
$
5,537

 
$
727

 
$
6,264

(a) Includes short-term operating lease costs which are immaterial.
Weighted average lease term and discount rate are as follows:
 
March 31, 2019
Weighted average remaining lease term (in years)
15.5

Weighted average discount rate
7.8
%
Supplemental cash flow disclosures for the thirteen weeks ended March 31, 2019:
 
March 31, 2019
Cash paid for operating lease liabilities
$
6,286

Operating lease assets obtained in exchange for operating lease liabilities (a)
168,984

(a) Includes the transition adjustment for the adoption of Leases (Topic 842) as discussed in Note 3, Recent Accounting Pronouncements in the notes to our unaudited condensed consolidated financial statements. As a result of the store closures, the Company also shortened the remaining life of the related leases and recorded a $1.3 million reduction to the operating lease assets and liabilities during the first quarter of 2019.
Supplemental balance sheet information
Supplemental balance sheet disclosures:
Operating leases
 
Classification
 
March 31, 2019
Right-of-use assets
 
Operating lease assets
 
$
167,088

 
 
 
 
 
Current lease liabilities
 
Operating lease liability
 
$
9,106

Non-current lease liabilities
 
Operating lease liability, less current portion
 
213,245

Total lease liabilities
 
 
 
$
222,351

Schedule of Future Minimum Rent Payments for Operating Leases
Future minimum rent payments for our operating leases for each of the next five years as of March 31, 2019 are as follows:
 
Unrelated Parties
 
Related Party
 
Total
Fiscal year ending:
 
 
 
 
 
Remainder of 2019
$
17,607

 
$
1,709

 
$
19,316

2020
23,977

 
2,286

 
26,263

2021
24,261

 
2,292

 
26,553

2022
24,104

 
1,439

 
25,543

2023
24,472

 
1,446

 
25,918

Thereafter
261,547

 
1,205

 
262,752

Total minimum lease payments
375,968

 
10,377

 
386,345

Less: imputed interest
162,202

 
1,792

 
163,994

Present value of lease liabilities
$
213,766

 
$
8,585

 
$
222,351

Fiscal Year 2018 Schedule of Future Minimum Rental Payments for Operating Leases
As previously disclosed in our 2018 Annual Report on Form 10-K and under the previous lease accounting, future minimum rent payments for our operating leases for each of the next five years and in total are as follows as of December 30, 2018:
 
Unrelated Parties
 
Related Party
 
Total
Fiscal year ending:
 
 
 
 
 
2019
$
23,638

 
$
2,279

 
$
25,917

2020
25,184

 
2,286

 
27,470

2021
25,620

 
2,292

 
27,912

2022
25,463

 
1,439

 
26,902

2023
25,832

 
1,446

 
27,278

Thereafter
294,112

 
1,205

 
295,317

Total minimum lease payments
$
419,849

 
$
10,947

 
$
430,796