Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.21.2
Leases (Tables)
6 Months Ended
Jun. 27, 2021
Leases [Abstract]  
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 27, 2021 June 28, 2020 June 27, 2021 June 28, 2020
Operating lease cost (a)
$ 6,489  $ 6,634  $ 12,874  $ 13,228 
Variable lease cost 303  95  539  218 
$ 6,792  $ 6,729  $ 13,413  $ 13,446 
(a) Includes short-term operating lease costs which are immaterial.
Supplemental Cash Flow Information
Supplemental cash flow disclosures for the twenty-six weeks ended June 27, 2021 and June 28, 2020, respectively:
Twenty-Six Weeks Ended
June 27, 2021 June 28, 2020
Cash paid for operating lease liabilities $ 14,503  $ 8,517 
Operating lease assets obtained in exchange for operating lease liabilities (a) 3,858  (1,351)
(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.
Supplemental balance sheet information
Supplemental balance sheet and other lease disclosures:
Operating leases Classification June 27, 2021 December 27, 2020
Right-of-use assets Operating lease assets $ 158,162  $ 159,156 
Deferred rent payments Operating lease liability 1,302  2,169 
Current lease liabilities Operating lease liability 12,415  12,397 
13,717  14,566 
Deferred rent payments Operating lease liability, less current portion 303  746 
Non-current lease liabilities Operating lease liability, less current portion 203,360  206,855 
203,663  207,601 
Total lease liabilities $ 217,380  $ 222,167 
Weighted average remaining lease term (in years) 13.4 13.8
Weighted average discount rate 7.8  % 7.9  %
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:
Fiscal year ending:
Remainder of 2021 $ 15,216 
2022 29,193 
2023 28,730 
2024 27,476 
2025 27,026 
Thereafter 221,862 
Total minimum lease payments 349,503 
Less: imputed interest 132,123 
Present value of lease liabilities $ 217,380