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Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases | H. Leases The Company has various lease agreements in place for facilities and equipment. Terms of these leases include, in some instances, scheduled rent increases, renewals, purchase options, and maintenance costs, and vary by lease. These lease obligations expire at various dates through 2034. As the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate based on information available at lease commencement to determine the present value of the lease payments. Leases with an initial term of 12 months or less (“short-term leases”) are not recorded on the balance sheet and are recognized on a straight-line basis over the lease term. Total right-of-use ("ROU") assets and lease liabilities were as follows:
|  | Classification |  | Leases |
|  |  |  | December 31, 2022 |  |  | December 25, 2021 |
|  |  |  | (in thousands) |
Right-of-use assets |  |  |  |  |  |  |  |
Operating lease assets |  | Operating right-of-use assets |  | $ | 43,768 |  |  | $ | 52,774 |
Finance lease assets |  | Property, plant, and equipment, net |  |  | 1,424 |  |  |  | 3,014 |
Lease Liabilities |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |
Operating lease liabilities |  | Current operating lease liabilities |  |  | 8,866 |  |  |  | 7,634 |
Finance lease liabilities |  | Accrued expenses and other current liabilities |  |  | 935 |  |  |  | 1,598 |
Non-current |  |  |  |  |  |  |  |
Operating lease liabilities |  | Non-current operating lease liabilities |  |  | 45,274 |  |  |  | 53,849 |
Finance lease liabilities |  | Other liabilities |  |  | 524 |  |  |  | 1,459 |
The gross value and accumulated depreciation of ROU assets related to finance leases were as follows:
|  | Finance Leases |
|  | December 31, 2022 |  |  | December 25, 2021 |
|  | (in thousands) |
Gross value |  | $ | 5,998 |  |  | $ | 5,998 |
Accumulated amortization |  |  | (4,574 | ) |  |  | (2,984 | )
Carrying value |  | $ | 1,424 |  |  | $ | 3,014 |
Components of lease cost for the fiscal year-ended are as follows:
|  | Fiscal years ended |
|  | December 31, 2022 |  |  | December 25, 2021 |  |  | December 26, 2020 |
|  | (in thousands) |
Operating lease cost: |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 9,978 |  |  | $ | 10,283 |  |  | $ | 9,764 |
Variable lease costs not included in liability |  |  | 702 |  |  |  | 1,132 |  |  |  | 1,643 |
Total operating lease cost |  | $ | 10,680 |  |  | $ | 11,415 |  |  | $ | 11,407 |
Finance lease cost: |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 1,590 |  |  | $ | 1,493 |  |  | $ | 1,185 |
Interest on lease liabilities |  |  | 71 |  |  |  | 121 |  |  |  | 143 |
Total finance lease cost |  | $ | 1,661 |  |  | $ | 1,614 |  |  | $ | 1,328 |
Additionally, during 2022, the Company recorded impairment charges on right-of use assets of $0.2 million, included within impairment of brewery assets within the Company's consolidated statements of comprehensive income. Maturities of lease liabilities as of December 31, 2022 are as follows:
|  | Operating |  |  | Finance |  |  | Weighted- Average Remaining Term in Years
|  | Leases |  |  | Leases |  |  | Operating Leases |  |  | Finance Leases
|  |  |  |  | (in thousands) |  |  |  |  |  |
2023 |  | $ | 10,582 |  |  | $ | 960 |  |  |  |  |  |
2024 |  |  | 10,529 |  |  |  | 362 |  |  |  |  |  |
2025 |  |  | 7,102 |  |  |  | 104 |  |  |  |  |  |
2026 |  |  | 6,671 |  |  |  | 56 |  |  |  |  |  |
2027 |  |  | 6,122 |  |  |  | 8 |  |  |  |  |  |
Thereafter |  |  | 20,785 |  |  |  | — |  |  |  |  |  |
Total lease payments |  |  | 61,791 |  |  |  | 1,490 |  |  |  |  |  |
Less imputed interest (based on 3.4% weighted-average discount rate) |  |  | (7,651 | ) |  |  | (31 | ) |  |  |  |  |
Present value of lease liabilities |  | $ | 54,140 |  |  | $ | 1,459 |  |  |  | 9.3 |  |  | 5.9

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- References No definition available. + Details
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