Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.21.2
Leases (Tables)
 9 Months Ended
Sep. 26, 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 Thirty-Nine Weeks Ended
Lease cost September 26, 2021 September 27, 2020 September 26, 2021 September 27, 2020
Operating lease cost(a)
$ 6,388  $ 6,500  $ 19,263  $ 19,523 
Variable lease cost 270  143  809  360 
$ 6,658  $ 6,643  $ 20,072  $ 19,883 
(a) Includes short-term operating lease costs which are immaterial.
Supplemental Cash Flow Information
Supplemental cash flow disclosures for the thirty-nine weeks ended September 26, 2021 and September 27, 2020, respectively:
Thirty-Nine Weeks Ended
September 26, 2021 September 27, 2020
Cash paid for operating lease liabilities(a)
$ 28,272  $ 15,472 
Operating lease assets obtained in exchange for operating lease liabilities(b)
(1,998) (1,351)
(a) The thirty-nine weeks ended September 26, 2021 includes $6.3 million of termination payments for five of our closed restaurant operating leases.
(b) The thirty-nine weeks ended September 26, 2021 includes a $8.9 million decrease to operating lease assets and liabilities related to the termination of five closed restaurant leases and a purchase of one existing lease, partially offset by a $6.9 million increase mainly due to extending remaining lives of certain leases. The thirty-nine weeks ended September 27, 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 September 26, 2021 December 27, 2020
Right-of-use assets Operating lease assets $ 149,918  $ 159,156 
Deferred rent payments Operating lease liability 795  2,169 
Current lease liabilities Operating lease liability 12,341  12,397 
13,136  14,566 
Deferred rent payments Operating lease liability, less current portion 256  746 
Non-current lease liabilities Operating lease liability, less current portion 191,064  206,855 
191,320  207,601 
Total lease liabilities $ 204,456  $ 222,167 
Weighted average remaining lease term (in years) 13.2 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 September 26, 2021 are as follows:
Fiscal year ending:
Remainder of 2021 $ 7,290 
2022 27,983 
2023 27,464 
2024 26,214 
2025 25,765 
Thereafter 211,509 
Total minimum lease payments 326,225 
Less: imputed interest 121,769 
Present value of lease liabilities $ 204,456