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LEASES | 9 Months Ended
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Oct. 01, 2023
Leases [Abstract] |
LEASES | LEASES The weighted average remaining lease term and discount rate were as follows as of the period indicated:
| October 1, 2023 |  | December 25, 2022
Weighted average remaining lease term (years) | 8.3 |  | 8.4
Weighted average discount rate | 5.98 | % |  | 5.51 | %
The components of lease cost were as follows for the periods indicated:
|  | Twelve Weeks Ended |  | Forty Weeks Ended
($ in thousands) | Classification | October 1, 2023 |  | October 2, 2022 |  | October 1, 2023 |  | October 2, 2022
Operating lease cost | Occupancy, General and administrative expenses | $ | 10,372 |  |  | $ | 9,795 |  |  | $ | 33,384 |  |  | $ | 32,885 |
Pre-opening lease cost | Pre-opening costs | 1,134 |  |  | 1,186 |  |  | 3,436 |  |  | 2,721 |
Closed store lease cost | Restructuring and other costs | 112 |  |  | 95 |  |  | 489 |  |  | 723 |
Short-term lease costs | General and administrative expenses | 74 |  |  | 108 |  |  | 292 |  |  | 343 |
Variable lease cost | Occupancy | 336 |  |  | 70 |  |  | 1,158 |  |  | 163 |
Sublease income | Other income | (138) |  |  | (137) |  |  | (444) |  |  | (464) |
Total lease cost | $ | 11,890 |  |  | $ | 11,117 |  |  | $ | 38,315 |  |  | $ | 36,371 |
Supplemental disclosures of cash flow information related to leases were as follows for periods indicated:
| Twelve Weeks Ended |  | Forty Weeks Ended
($ in thousands) | October 1, 2023 |  | October 2, 2022 |  | October 1, 2023 |  | October 2, 2022
Cash paid for operating lease liabilities | $ | 12,067 |  |  | $ | 7,983 |  |  | $ | 35,220 |  |  | $ | 34,715 |
Operating lease assets obtained in exchange for operating lease liabilities (1) | 8,457 |  |  | 8,047 |  |  | 42,341 |  |  | 313,806 |
Derecognition of operating lease assets due to termination or impairment | 236 |  |  | 2,991 |  |  | 3,022 |  |  | 7,654 |
(1) Amount presented for the forty weeks ended October 2, 2022 includes a $256.9 million transition adjustment for the adoption of ASC 842.
Refer to Note 4 (Property and Equipment, net) for a description of impairment charges that resulted in a reduction to operating lease assets. Future minimum lease payments by fiscal year for operating leases consisted of the following as of October 1, 2023:
($ in thousands) | Operating leases
2023 (remainder) | $ | 9,387 |
2024 | 55,481 |
2025 | 56,135 |
2026 | 55,117 |
2027 | 52,784 |
Thereafter | 214,252 |
Total | 443,156 |
Less: imputed interest | 100,797 |
Operating lease liabilities (current and non-current) | $ | 342,359 |
As of October 1, 2023, operating lease payments excluded $63.9 million of legally binding minimum lease payments for leases executed but not yet commenced.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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