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)

6 Months Ended

Jun. 28, 2020

Supplemental cash flow disclosures for the twenty-six weeks ended June 28, 2020 and June 30, 2019, respectively:



	Twenty-Six Weeks Ended
	June 28, 2020		June 30, 2019
Cash paid for operating lease liabilities	8,517		12,683
Operating lease assets obtained in exchange for operating lease liabilities (a)	(1,351	)	173,949

^(a) The twenty-six weeks ended June 28, 2020 includes a $7.0 million reduction to the operating lease assets and liabilities mainly as a result of shortening the remaining life of certain leases during the first quarter of 2020. The twenty-six weeks ended June 30, 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 $0.7 million in deferred lease incentives during the twenty-six weeks ended June 28, 2020 and June 30, 2019, respectively.

Components of operating lease costs

Components of operating lease costs are included in occupancy, closed restaurant costs, restaurant pre-opening, general and administrative expense and property and equipment, net:



	Thirteen Weeks Ended				Twenty-Six Weeks Ended
Lease cost	June 28, 2020		June 30, 2019		June 28, 2020		June 30, 2019
Operating lease cost ^(a)	$	6,634	$	6,378	$	13,228	$	12,564
Variable lease cost	95		298		218		550
	$	6,729	$	6,676	$	13,446	$	13,114

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

Supplemental balance sheet information

Supplemental balance sheet and other lease disclosures:



Operating leases	Classification	June 28, 2020			December 29, 2019
Right-of-use assets	Operating lease assets	$	160,996		$	169,299

Deferred rent payments ^(a)	Operating lease liability	3,593			—
Current lease liabilities	Operating lease liability	11,298			10,307
		14,891			10,307
Non-current lease liabilities	Operating lease liability, less current portion	209,076			214,541
		223,967			224,848
^(a) Majority of the deferred rent payments is payable within the next 12 months

Weighted average remaining lease term (in years)		14.2			15.0
Weighted average discount rate		7.9		%	7.8		%

Operating Lease Liability Maturity Schedule

Future minimum rent payments for our operating leases, excluding the deferred rent payments of $3.6 million, for the next five years as of June 28, 2020 are as follows:



Fiscal year ending:
Remainder of 2020	$	13,672
2021	28,521
2022	27,753
2023	27,625
2024	26,459
Thereafter	243,203
Total minimum lease payments	367,233
Less: imputed interest	146,859
Present value of lease liabilities	$	220,374