Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.22.4
Leases (Tables)
12 Months Ended
Dec. 25, 2022
Leases [Abstract]  
Schedule of Assets and Liabilities, Leases
The Company's finance and operating lease assets and liabilities as of December 25, 2022 and December 26, 2021 as follows (in thousands):
December 25, 2022
Finance(1)
Operating(2)
Lease assets, net $ 7,551  $ 361,432 
Current portion of lease obligations 1,094  47,394 
Long-term portion of lease obligations 8,958  393,157 
Total $ 10,052  $ 440,551 
December 26, 2021
Finance(1)
Operating(2)
Lease assets, net $ 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 25, 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 December 25, 2022 and December 26, 2021 Consolidated Balance Sheets.
Schedule of 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 25, 2022 December 26, 2021 December 27, 2020
Operating lease cost $ 69,879  $ 70,000  $ 67,320 
Finance lease cost:
Amortization of right of use assets(1)
1,121  856  845 
Interest on lease liabilities (2)
583  532  534 
Total finance lease cost $ 1,704  $ 1,388  $ 1,379 
Variable lease cost 18,965  19,812  24,482 
Total lease costs $ 90,548  $ 91,200  $ 93,181 
(1) Amortization of finance lease right of use assets is recorded to depreciation and amortization in our Consolidated Statements of Operations and Comprehensive Loss.
(2) Interest on finance lease liabilities is recorded to interest expense in our Consolidated Statements of Operations and Comprehensive Loss.
Schedule of operating lease maturities
Maturities of our lease liabilities as of December 25, 2022 were as follows (in thousands):
Finance Leases Operating Leases
2023 $ 1,483  $ 77,380 
2024 1,584  76,326 
2025 1,305  72,368 
2026 1,381  66,588 
2027 1,329  59,890 
Thereafter 5,243  264,449 
Total future lease liability $ 12,325  $ 617,001 
Less imputed interest 2,273  176,450 
Present value of lease liability $ 10,052  $ 440,551 
Schedule of finance lease maturities
Maturities of our lease liabilities as of December 25, 2022 were as follows (in thousands):
Finance Leases Operating Leases
2023 $ 1,483  $ 77,380 
2024 1,584  76,326 
2025 1,305  72,368 
2026 1,381  66,588 
2027 1,329  59,890 
Thereafter 5,243  264,449 
Total future lease liability $ 12,325  $ 617,001 
Less imputed interest 2,273  176,450 
Present value of lease liability $ 10,052  $ 440,551 
Schedule of Cash Flow, Supplemental Disclosures
Supplemental cash flow information in thousands (except other information) related to leases is as follows:
Year Ended
December 25, 2022 December 26, 2021 December 27, 2020
Cash flows from operating activities
Cash paid related to lease liabilities
Operating leases $ 85,400  $ 81,520  $ 47,164 
Finance leases 583  532  534 
Cash flows from financing activities
Cash paid related to lease liabilities
Finance leases 1,292  1,733  270 
Cash paid for amounts included in the measurement of lease liabilities $ 87,275  $ 83,785  $ 47,968 
Right of use assets obtained in exchange for operating lease obligations $ 13,848  $ 28,738  $ 56,014 
Right of use assets obtained in exchange for finance lease obligations $ 1,139  $ 1,170  $ 2,918 
Other information related to operating leases as follows:
Weighted average remaining lease term 9.04 9.69 10.24
Weighted average discount rate 7.25  % 7.05  % 6.90  %
Other information related to financing leases as follows:
Weighted average remaining lease term 10.27 10.81 11.76
Weighted average discount rate 4.88  % 4.56  % 4.56  %