Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.20.2
Leases (Tables)
 9 Months Ended
Sep. 27, 2020
Leases [Abstract]  
Supplemental Cash Flow Information
Supplemental cash flow disclosures for the thirty-nine weeks ended September 27, 2020 and September 29, 2019, respectively:
Thirty-Nine Weeks Ended
September 27, 2020 September 29, 2019
Cash paid for operating lease liabilities 15,472  19,177 
Operating lease assets obtained in exchange for operating lease liabilities (a) (1,351) 176,511 
(a) The thirty-nine weeks ended September 27, 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 thirty-nine weeks ended September 29, 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 thirty-nine weeks ended September 27, 2020 and September 29, 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 Thirty-Nine Weeks Ended
Lease cost September 27, 2020 September 29, 2019 September 27, 2020 September 29, 2019
Operating lease cost (a)
$ 6,500  $ 6,496  $ 19,523  $ 19,082 
Variable lease cost 143  315  360  865 
$ 6,643  $ 6,811  $ 19,883  $ 19,947 
(a) Includes short-term operating lease costs which are immaterial.
Supplemental balance sheet information
Supplemental balance sheet and other lease disclosures:
Operating leases Classification September 27, 2020 December 29, 2019
Right-of-use assets Operating lease assets $ 158,659  $ 169,299 
Deferred rent payments (a)
Operating lease liability 3,269  — 
Current lease liabilities Operating lease liability 11,697  10,307 
14,966  10,307 
Non-current lease liabilities Operating lease liability, less current portion 206,232  214,541 
221,198  224,848 
(a) A majority of the deferred rent payments is payable within the next 12 months
Weighted average remaining lease term (in years) 14.0 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 $3.3 million, for the next five years as of September 27, 2020 are as follows:
Fiscal year ending:
Remainder of 2020 $ 6,944 
2021 28,521 
2022 27,753 
2023 27,625 
2024 26,459 
Thereafter 243,249 
Total minimum lease payments 360,551 
Less: imputed interest 142,622 
Present value of lease liabilities $ 217,929