Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.1
Leases
4 Months Ended
Apr. 17, 2022
Leases [Abstract]  
Leases Leases
The Company's finance and operating lease assets and liabilities as of April 17, 2022 and December 26, 2021 were as follows (in thousands):
April 17, 2022
Finance(1)
Operating(2)
Lease assets, net(3)
$ 7,936  $ 389,983 
Current portion of lease obligations 1,102  48,297 
Long-term portion of lease obligations 9,314  420,648 
Total $ 10,416  $ 468,945 
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 April 17, 2022 and December 26, 2021 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 April 17, 2022 and December 26, 2021 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.

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 Condensed Consolidated Statement of Operations and Comprehensive Loss as follows (in thousands):
Sixteen Weeks Ended
April 17, 2022 April 18, 2021
Operating lease cost $ 21,689  $ 21,461 
Finance lease cost:
Amortization of right of use assets 342  263
Interest on lease liabilities 145  159
Total finance lease cost 487 $ 422 
Variable lease cost 6,325  6,416 
Total $ 28,501  $ 28,299 
Maturities of our lease liabilities as of April 17, 2022 were as follows (in thousands):
Finance Leases Operating Leases
Remainder of 2022 $ 1,133  $ 53,494 
2023 1,461  76,964 
2024 1,473  75,368 
2025 1,201  70,764 
2026 1,241  64,679 
Thereafter 6,452  316,985 
Total future lease liability $ 12,961  $ 658,254 
Less imputed interest 2,545  189,309 
Fair value of lease liability $ 10,416  $ 468,945 
Supplemental cash flow and other information related to leases is as follows (in thousands, except other information):
Sixteen Weeks Ended
April 17, 2022 April 18, 2021
Cash flows from operating activities
Cash paid related to lease liabilities
Operating leases $ 26,519  $ 27,998 
Finance leases 145  159 
Cash flows from financing activities
Cash paid related to lease liabilities
Finance leases 573  599 
Cash paid for amounts included in the measurement of lease liabilities: $ 27,237  $ 28,756 
Right of use assets obtained in exchange for operating lease obligations $ 3,382  $ 13,448 
Right of use assets obtained in exchange for finance lease obligations $ 746  $ — 
Other information related to operating leases as follows:
Weighted average remaining lease term (years) 9.48 10.10
Weighted average discount rate 7.12  % 6.96  %
Other information related to finance leases as follows:
Weighted average remaining lease term (years) 10.91 11.47
Weighted average discount rate 4.89  % 4.56  %