Leases (Tables)
|
6 Months Ended |
Jun. 30, 2019 |
|---|
| Leases [Abstract] |
|
| Components of operating lease costs |
Components of operating lease costs are as follows for the thirteen weeks ended June 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease cost |
|
Classification |
|
Unrelated Parties |
|
Related Party |
|
Total |
Operating lease cost (a)
|
|
Occupancy, General and administrative expenses and Property and equipment, net |
|
$ |
5,571 |
|
|
$ |
576 |
|
|
$ |
6,147 |
|
Variable lease cost |
|
Occupancy |
|
121 |
|
|
177 |
|
|
298 |
|
|
|
|
|
$ |
5,692 |
|
|
$ |
753 |
|
|
$ |
6,445 |
|
(a) Includes short-term operating lease costs which are immaterial.
Components of operating lease costs are as follows for the twenty-six weeks ended June 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease cost |
|
Classification |
|
Unrelated Parties |
|
Related Party |
|
Total |
Operating lease cost (a)
|
|
Occupancy, General and administrative expenses and Property and equipment, net |
|
$ |
11,007 |
|
|
$ |
1,152 |
|
|
$ |
12,159 |
|
Variable lease cost |
|
Occupancy |
|
222 |
|
|
328 |
|
|
550 |
|
|
|
|
|
$ |
11,229 |
|
|
$ |
1,480 |
|
|
$ |
12,709 |
|
(a) Includes short-term operating lease costs which are immaterial.
Weighted average lease term and discount rate are as follows:
|
|
|
|
|
June 30, 2019 |
Weighted average remaining lease term (in years) |
15.4 |
|
Weighted average discount rate |
7.8 |
% |
Supplemental cash flow disclosures for the twenty-six weeks ended June 30, 2019:
|
|
|
|
|
|
June 30, 2019 |
Cash paid for operating lease liabilities |
$ |
12,683 |
|
Operating lease assets obtained in exchange for operating lease liabilities (a)
|
173,949 |
|
(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 |
|
June 30, 2019 |
Right-of-use assets |
|
Operating lease assets |
|
$ |
170,094 |
|
|
|
|
|
|
Current lease liabilities |
|
Operating lease liability |
|
$ |
9,412 |
|
Non-current lease liabilities |
|
Operating lease liability, less current portion |
|
215,899 |
|
Total lease liabilities |
|
|
|
$ |
225,311 |
|
|
| 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 June 30, 2019 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrelated Parties |
|
Related Party |
|
Total |
Fiscal year ending: |
|
|
|
|
|
Remainder of 2019 |
$ |
11,953 |
|
|
$ |
1,140 |
|
|
$ |
13,093 |
|
2020 |
24,423 |
|
|
2,286 |
|
|
26,709 |
|
2021 |
24,707 |
|
|
2,292 |
|
|
26,999 |
|
2022 |
24,550 |
|
|
1,439 |
|
|
25,989 |
|
2023 |
24,918 |
|
|
1,446 |
|
|
26,364 |
|
Thereafter |
269,948 |
|
|
1,205 |
|
|
271,153 |
|
Total minimum lease payments |
380,499 |
|
|
9,808 |
|
|
390,307 |
|
Less: imputed interest |
163,365 |
|
|
1,631 |
|
|
164,996 |
|
Present value of lease liabilities |
$ |
217,134 |
|
|
$ |
8,177 |
|
|
$ |
225,311 |
|
|
| 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 |
|
|