Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.21.1
Leases (Tables)
 3 Months Ended
Mar. 28, 2021
Leases [Abstract]  
Supplemental Cash Flow Information
Supplemental cash flow disclosures for the thirteen weeks ended March 28, 2021 and March 29, 2020, respectively:
Thirteen Weeks Ended
March 28, 2021 March 29, 2020
Cash paid for operating lease liabilities $ 7,130  $ 6,616 
Operating lease assets obtained in exchange for operating lease liabilities (a) (105) (923)
(a) The thirteen weeks ended March 28, 2021 includes a $3.1 million decrease to operating lease assets and liabilities related to the termination of two closed restaurant leases, partially offset by a $3.0 million increase mainly due to extending remaining lives of certain leases. The thirteen weeks ended March 29, 2020 includes a $6.6 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.
The Company recorded no deferred lease incentives during the thirteen weeks ended March 28, 2021 and $0.2 million during the thirteen weeks ended March 29, 2020.
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
Lease cost March 28, 2021 March 29, 2020
Operating lease cost (a)
$ 6,385  $ 6,593 
Variable lease cost 236  123 
$ 6,621  $ 6,716 
(a) Includes short-term operating lease costs which are immaterial.
Supplemental balance sheet information
Supplemental balance sheet and other lease disclosures:
Operating leases Classification March 28, 2021 December 27, 2020
Right-of-use assets Operating lease assets $ 156,597  $ 159,156 
Deferred rent payments Operating lease liability 1,795  2,169 
Current lease liabilities Operating lease liability 12,161  12,397 
13,956  14,566 
Deferred rent payments Operating lease liability, less current portion 427  746 
Non-current lease liabilities Operating lease liability, less current portion 202,529  206,855 
202,956  207,601 
Total lease liabilities $ 216,912  $ 222,167 
Weighted average remaining lease term (in years) 13.6 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 March 28, 2021 are as follows:
Fiscal year ending:
Remainder of 2021 $ 22,869 
2022 28,687 
2023 28,182 
2024 26,928 
2025 26,478 
Thereafter 218,536 
Total minimum lease payments 351,680 
Less: imputed interest 134,768 
Present value of lease liabilities $ 216,912