Leases (Tables)
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6 Months Ended |
Jun. 27, 2021 |
Leases [Abstract] |
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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:
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Thirteen Weeks Ended |
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Twenty-Six Weeks Ended |
Lease cost |
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June 27, 2021 |
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June 28, 2020 |
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June 27, 2021 |
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June 28, 2020 |
Operating lease cost (a)
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$ |
6,489 |
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$ |
6,634 |
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$ |
12,874 |
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$ |
13,228 |
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Variable lease cost |
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303 |
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95 |
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539 |
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218 |
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$ |
6,792 |
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$ |
6,729 |
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$ |
13,413 |
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$ |
13,446 |
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(a) Includes short-term operating lease costs which are immaterial.
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Supplemental Cash Flow Information |
Supplemental cash flow disclosures for the twenty-six weeks ended June 27, 2021 and June 28, 2020, respectively:
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Twenty-Six Weeks Ended |
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June 27, 2021 |
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June 28, 2020 |
Cash paid for operating lease liabilities |
$ |
14,503 |
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$ |
8,517 |
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Operating lease assets obtained in exchange for operating lease liabilities (a) |
3,858 |
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(1,351) |
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(a) The twenty-six weeks ended June 27, 2021 includes a $6.9 million increase mainly due to extending remaining lives of certain leases partially offset by a $3.1 million decrease to operating lease assets and liabilities related to the termination of two closed restaurant leases. The twenty-six weeks ended June 28, 2020 includes a $7.0 million reduction to the operating lease assets and liabilities as a result of shortening the remaining life of certain leases, partially offset by a $5.7 million increase related to new lease commencements.
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Supplemental balance sheet information |
Supplemental balance sheet and other lease disclosures:
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Operating leases |
Classification |
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June 27, 2021 |
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December 27, 2020 |
Right-of-use assets |
Operating lease assets |
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$ |
158,162 |
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$ |
159,156 |
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Deferred rent payments |
Operating lease liability |
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1,302 |
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2,169 |
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Current lease liabilities |
Operating lease liability |
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12,415 |
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12,397 |
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13,717 |
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14,566 |
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Deferred rent payments |
Operating lease liability, less current portion |
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303 |
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746 |
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Non-current lease liabilities |
Operating lease liability, less current portion |
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203,360 |
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206,855 |
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203,663 |
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207,601 |
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Total lease liabilities |
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$ |
217,380 |
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$ |
222,167 |
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Weighted average remaining lease term (in years) |
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13.4 |
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13.8 |
Weighted average discount rate |
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7.8 |
% |
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7.9 |
% |
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Operating Lease Liability Maturity Schedule |
Future minimum rent payments for our operating leases for the next five years as of June 27, 2021 are as follows:
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Fiscal year ending: |
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Remainder of 2021 |
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$ |
15,216 |
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2022 |
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29,193 |
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2023 |
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28,730 |
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2024 |
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27,476 |
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2025 |
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27,026 |
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Thereafter |
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221,862 |
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Total minimum lease payments |
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349,503 |
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Less: imputed interest |
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132,123 |
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Present value of lease liabilities |
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$ |
217,380 |
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