Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.22.0.1
Leases (Tables)
 12 Months Ended
Dec. 26, 2021
Leases [Abstract]  
Assets and Liabilities, Leases
The Company's finance and operating lease assets and liabilities as of December 26, 2021 and December 27, 2020 as follows (in thousands):
December 26, 2021
Finance(1)
Operating(2)
Lease assets, net(3)
 $ 9,664  $ 400,825 
Current portion of lease obligations 1,194  48,842 
Long-term portion of lease obligations 10,765  435,136 
Total $ 11,959  $ 483,978 
(1) Finance lease assets and obligations are included in Other assets, net, Accrued liabilities and other current liabilities, and Other non-current liabilities on our December 26, 2021 and December 27, 2020 Consolidated Balance Sheets.
(2) Operating lease assets and obligations are included in Operating lease assets, net, Current portion of operating lease liabilities, and Long-term portion of operating lease liabilities on our December 26, 2021 and December 27, 2020 Consolidated Balance Sheets.
(3) The Lease assets, net caption includes the right of use assets associated with the Company's Finance and Operating leases, net of the associated amortization of these right of use assets.
December 27, 2020
Finance(1)
Operating(2)
Lease assets, net(3)
 $ 9,644  $ 415,929 
Current portion of lease obligations 1,078  54,197 
Long-term portion of lease obligations 10,937  454,296 
Total $ 12,015  $ 508,493 
(1) Finance lease assets and obligations are included in Other assets, net, Accrued liabilities and other current liabilities, and Other non-current liabilities on our December 26, 2021 and December 27, 2020 Consolidated Balance Sheets.
(2) Operating lease assets and obligations are included in Operating lease assets, net, Current portion of operating lease liabilities, and Long-term portion of operating lease liabilities on our December 26, 2021 and December 27, 2020 Consolidated Balance Sheets.
(3) The Lease assets, net caption includes the right of use assets associated with the Company's Finance and Operating leases, net of the associated amortization of these right of use assets.
Lease cost
The components of lease expense, including variable lease costs primarily consisting of common area maintenance charges and real estate taxes, are included in Occupancy on our consolidated statements of operations and comprehensive loss as follows (in thousands):
Year Ended
December 26, 2021 December 27, 2020 December 29, 2019
Operating lease cost $ 70,000  $ 67,320  $ 75,496 
Finance lease cost:
Amortization of right of use assets 856  845  793 
Interest on lease liabilities (4)
532  534  544 
Total finance lease cost $ 1,388  $ 1,379  $ 1,337 
Variable lease cost 19,812  24,482  29,300 
Total lease costs $ 91,200  $ 93,181  $ 106,133 
(4) Interest on finance lease liabilities is recorded to interest expense in our consolidated statements of operations and comprehensive loss.
Operating and Finance Lease Liability Maturity
Maturities of our lease liabilities as of December 26, 2021 were as follows (in thousands):
Finance Leases Operating Leases
2022 $ 1,716  $ 80,361 
2023 1,244  76,626 
2024 1,264  74,898 
2025 1,283  70,282 
2026 1,345  64,153 
Thereafter 8,169  314,998 
Total future lease liability $ 15,021  $ 681,318 
Less imputed interest 3,062  197,340 
Present value of lease liability $ 11,959  $ 483,978 
Schedule of Cash Flow, Supplemental Disclosures
Supplemental cash flow information in thousands (except other information) related to leases is as follows:
Year Ended
December 26, 2021 December 27, 2020 December 29, 2019
Cash flows from operating activities
Cash paid related to lease liabilities
Operating leases $ 81,520  $ 47,164  $ 78,260 
Finance leases 532  534  512 
Cash flows from financing activities
Cash paid related to lease liabilities
Finance leases 1,733  270  817 
Cash paid for amounts included in the measurement of lease liabilities $ 83,785  $ 47,968  $ 79,589 
Right of use assets obtained in exchange for operating lease obligations $ 28,738  $ 56,014  $ 12,580 
Right of use assets obtained in exchange for finance lease obligations $ 1,170  $ 2,918  $ 1,606 
Other information related to operating leases as follows:
Weighted average remaining lease term 9.69 years 10.24 years 10.70 years
Weighted average discount rate 7.05  % 6.90  % 7.38  %
Other information related to financing leases as follows:
Weighted average remaining lease term 10.81 years 11.76 years 12.37 years
Weighted average discount rate 4.56  % 4.56  % 4.90  %