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Leases | 9 Months Ended
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Sep. 25, 2021
Leases [Abstract] |
Finance Leases | Lessee The Company determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. The Company leases certain distribution center locations, vehicles, forklifts, computer equipment, and its corporate headquarters with expiration dates through 2032. Certain lease arrangements include escalating rent payments and options to extend the lease term. Expected lease terms include these options to extend or terminate the lease when it is reasonably certain the Company will exercise the option. The Company's leasing arrangements do not contain material residual value guarantees nor material restrictive covenants. The components of operating and finance lease cost for the thirteen and thirty-nine weeks ended September 25, 2021 and thirteen and thirty-nine weeks ended September 26, 2020 were as follows:
|  | Thirteen Weeks Ended September 25, 2021 |  | Thirty-nine Weeks Ended September 25, 2021 |  | Thirteen Weeks Ended September 26, 2020 |  | Thirty-nine Weeks Ended September 26, 2020
Operating lease cost |  | $ | 5,482 |  |  | $ | 15,724 |  |  | $ | 4,989 |  |  | $ | 14,283 |
Short term lease costs |  | 834 |  |  | 2,820 |  |  | 633 |  |  | 1,682 |
Variable lease costs |  | 576 |  |  | 1,334 |  |  | 104 |  |  | 775 |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right of use assets |  | 230 |  |  | 668 |  |  | 206 |  |  | 608 |
Interest on lease liabilities |  | 29 |  |  | 96 |  |  | 34 |  |  | 106 |
Rent expense totaled $6,892 and $19,878 in the thirteen and thirty-nine weeks ended September 25, 2021, respectively, and $5,726 and $16,740 in the thirteen and thirty-nine weeks ended September 26, 2020, respectively. Rent expense includes operating lease cost as well as expense for non-lease components such as common area maintenance, real estate taxes, real estate insurance, variable costs related to our leased vehicles and also short-term rental expenses. The implicit rate is not determinable in most of the Company’s leases, as such management uses the Company’s incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The weighted average remaining lease terms and discount rates for all of our operating and finance leases were as follows as of September 25, 2021 and December 26, 2020:
|  | September 25, 2021 |  | December 26, 2020
|  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Weighted average remaining lease term |  | 6.81 |  | 2.55 |  | 7.19 |  | 2.61
Weighted average discount rate |  | 7.91% |  | 6.52% |  | 8.28% |  | 7.14%
Supplemental balance sheet information related to the Company's finance leases was as follows as of September 25, 2021 and December 26, 2020:
|  | September 25, 2021 |  | December 26, 2020
Finance lease assets, net, included in property plant and equipment |  | $ | 1,629 |  |  | $ | 1,919 |
Current portion of long-term debt |  | 791 |  |  | 872 |
Long-term debt, less current portion |  | 924 |  |  | 1,172 |
Total principal payable on finance leases |  | 1,715 |  |  | 2,044 |
Supplemental cash flow information related to the Company's operating leases was as follows for the thirty-nine weeks ended September 25, 2021 and thirty-nine weeks ended September 26, 2020:
|  | Thirty-nine Weeks Ended September 25, 2021 |  | Thirty-nine Weeks Ended September 26, 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash outflow from operating leases |  | $ | 14,854 |  |  | $ | 13,821 |
Operating cash outflow from finance leases |  | 99 |  |  | 106 |
Financing cash outflow from finance leases |  | 697 |  |  | 624 |
Maturities of our lease liabilities for all operating and finance leases are as follows as of September 25, 2021:
|  | Operating Leases |  | Finance Leases
Less than one year |  | $ | 19,078 |  |  | $ | 882 |
1 to 2 years |  | 17,362 |  |  | 561 |
2 to 3 years |  | 16,174 |  |  | 300 |
3 to 4 years |  | 15,562 |  |  | 69 |
4 to 5 years |  | 14,680 |  |  | 45 |
After 5 years |  | 33,339 |  |  | — |
Total future minimum rental commitments |  | 116,195 |  |  | 1,857 |
Less - amounts representing interest |  | (26,277) |  |  | (142) |
Present value of lease liabilities |  | $ | 89,918 |  |  | $ | 1,715 |
Lessor The Company has certain arrangements for key duplication equipment under which we are the lessor. These leases meet the criteria for operating lease classification. Lease income associated with these leases is not material.
Operating Leases | Lessee The Company determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. The Company leases certain distribution center locations, vehicles, forklifts, computer equipment, and its corporate headquarters with expiration dates through 2032. Certain lease arrangements include escalating rent payments and options to extend the lease term. Expected lease terms include these options to extend or terminate the lease when it is reasonably certain the Company will exercise the option. The Company's leasing arrangements do not contain material residual value guarantees nor material restrictive covenants. The components of operating and finance lease cost for the thirteen and thirty-nine weeks ended September 25, 2021 and thirteen and thirty-nine weeks ended September 26, 2020 were as follows:
|  | Thirteen Weeks Ended September 25, 2021 |  | Thirty-nine Weeks Ended September 25, 2021 |  | Thirteen Weeks Ended September 26, 2020 |  | Thirty-nine Weeks Ended September 26, 2020
Operating lease cost |  | $ | 5,482 |  |  | $ | 15,724 |  |  | $ | 4,989 |  |  | $ | 14,283 |
Short term lease costs |  | 834 |  |  | 2,820 |  |  | 633 |  |  | 1,682 |
Variable lease costs |  | 576 |  |  | 1,334 |  |  | 104 |  |  | 775 |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right of use assets |  | 230 |  |  | 668 |  |  | 206 |  |  | 608 |
Interest on lease liabilities |  | 29 |  |  | 96 |  |  | 34 |  |  | 106 |
Rent expense totaled $6,892 and $19,878 in the thirteen and thirty-nine weeks ended September 25, 2021, respectively, and $5,726 and $16,740 in the thirteen and thirty-nine weeks ended September 26, 2020, respectively. Rent expense includes operating lease cost as well as expense for non-lease components such as common area maintenance, real estate taxes, real estate insurance, variable costs related to our leased vehicles and also short-term rental expenses. The implicit rate is not determinable in most of the Company’s leases, as such management uses the Company’s incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The weighted average remaining lease terms and discount rates for all of our operating and finance leases were as follows as of September 25, 2021 and December 26, 2020:
|  | September 25, 2021 |  | December 26, 2020
|  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Weighted average remaining lease term |  | 6.81 |  | 2.55 |  | 7.19 |  | 2.61
Weighted average discount rate |  | 7.91% |  | 6.52% |  | 8.28% |  | 7.14%
Supplemental balance sheet information related to the Company's finance leases was as follows as of September 25, 2021 and December 26, 2020:
|  | September 25, 2021 |  | December 26, 2020
Finance lease assets, net, included in property plant and equipment |  | $ | 1,629 |  |  | $ | 1,919 |
Current portion of long-term debt |  | 791 |  |  | 872 |
Long-term debt, less current portion |  | 924 |  |  | 1,172 |
Total principal payable on finance leases |  | 1,715 |  |  | 2,044 |
Supplemental cash flow information related to the Company's operating leases was as follows for the thirty-nine weeks ended September 25, 2021 and thirty-nine weeks ended September 26, 2020:
|  | Thirty-nine Weeks Ended September 25, 2021 |  | Thirty-nine Weeks Ended September 26, 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash outflow from operating leases |  | $ | 14,854 |  |  | $ | 13,821 |
Operating cash outflow from finance leases |  | 99 |  |  | 106 |
Financing cash outflow from finance leases |  | 697 |  |  | 624 |
Maturities of our lease liabilities for all operating and finance leases are as follows as of September 25, 2021:
|  | Operating Leases |  | Finance Leases
Less than one year |  | $ | 19,078 |  |  | $ | 882 |
1 to 2 years |  | 17,362 |  |  | 561 |
2 to 3 years |  | 16,174 |  |  | 300 |
3 to 4 years |  | 15,562 |  |  | 69 |
4 to 5 years |  | 14,680 |  |  | 45 |
After 5 years |  | 33,339 |  |  | — |
Total future minimum rental commitments |  | 116,195 |  |  | 1,857 |
Less - amounts representing interest |  | (26,277) |  |  | (142) |
Present value of lease liabilities |  | $ | 89,918 |  |  | $ | 1,715 |
Lessor The Company has certain arrangements for key duplication equipment under which we are the lessor. These leases meet the criteria for operating lease classification. Lease income associated with these leases is not material.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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