Chuy's Holdings, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

Leases (Tables)

3 Months Ended

Mar. 29, 2020

Supplemental cash flow disclosures for the thirteen weeks ended March 29, 2020 and March 31, 2019, respectively:



	Thirteen Weeks Ended
	March 29, 2020		March 31, 2019
Cash paid for operating lease liabilities	6,616		6,286
Operating lease assets obtained in exchange for operating lease liabilities (a)	(923	)	168,984

^(a) The thirteen weeks ended March 29, 2020 includes a $6.6 million reduction to the operating lease assets and liabilities as a result of shortening the remaining life of certain leases. The thirteen weeks ended March 31, 2019 includes the transition adjustment for the adoption of Leases (Topic 842) of $170.3 million as well as a $1.3 million reduction to the operating lease assets and liabilities as a result of shortening the remaining life of certain leases.

The Company recorded $0.2 million and $0.6 million in deferred lease incentives during the thirteen weeks ended March 29, 2020 and March 31, 2019, respectively.

Components of operating lease costs

Components of operating lease costs are included in the occupancy, general and administrative expense and property and equipment, net:



	Thirteen Weeks Ended
Lease cost	March 29, 2020		March 31, 2019
Operating lease cost ^(a)	$	6,088	$	6,012
Variable lease cost	123		252
	$	6,211	$	6,264

^(a) Includes short-term operating lease costs which are immaterial.

Supplemental balance sheet information

Supplemental balance sheet and other lease disclosures:



Operating leases	Classification	March 29, 2020			December 29, 2019
Right-of-use assets	Operating lease assets	$	162,859		$	169,299

Current lease liabilities	Operating lease liability	$	10,939		$	10,307
Non-current lease liabilities	Operating lease liability, less current portion	210,120			214,541
Total lease liabilities		$	221,059		$	224,848

Weighted average remaining lease term (in years)		14.4			15.0
Weighted average discount rate		7.9		%	7.8		%

Operating Lease Liability Maturity Schedule

Future minimum rent payments for our operating leases for each of the next five years as of March 29, 2020 are as follows:



Fiscal year ending:
Remainder of 2020	$	20,766
2021	27,980
2022	27,164
2023	27,578
2024	26,411
Thereafter	240,383
Total minimum lease payments	370,282
Less: imputed interest	149,223
Present value of lease liabilities	$	221,059