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Leases (Tables) | 9 Months Ended
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Sep. 29, 2019
Leases |
Schedule of average terms of lease portfolios | ​
​ | ​
​ | Average lease term
Domestic Company-owned restaurants | Five years, plus at least one renewal
United Kingdom franchise-owned restaurants | 15 years
Domestic commissary locations | 10 years, plus at least one renewal
Domestic and international tractors and trailers | Five to seven years
Domestic and international commissary and office equipment | Three to five years
Schedule of operating lease assets and liabilities | ​ The following schedule details the total right-of-use assets and lease liabilities on the Condensed Consolidated Balance Sheet as of September 29, 2019 and the date of adoption on December 31, 2018 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | September 29, | ​ | ​ | December 31,
Leases | Classification | ​ | ​ | 2019 | ​ | ​ | 2018
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance lease assets, net | Finance lease right-of-use assets, net | ​ | $ | 9,870 | ​ | $ | —
Operating lease assets, net | Operating lease right-of-use assets | ​ | ​ | 144,881 | ​ | ​ | 161,027
Operating lease assets, net | Assets held for sale | ​ | ​ | 2,336 | ​ | ​ | —
Total lease assets | ​ | ​ | $ | 157,087 | ​ | $ | 161,027
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current finance lease liabilities | Current finance lease liabilities | ​ | $ | 1,748 | ​ | $ | —
Current operating lease liabilities | Current operating lease liabilities | ​ | ​ | 23,701 | ​ | ​ | 25,348
Noncurrent finance lease liabilities | Long-term finance lease liabilities | ​ | ​ | 8,083 | ​ | ​ | —
Noncurrent operating lease liabilities | Long-term operating lease liabilities | ​ | ​ | 121,320 | ​ | ​ | 137,511
Operating lease liabilities held for sale | Accrued expenses and other current liabilities | ​ | ​ | 2,420 | ​ | ​ | —
Total lease liabilities | ​ | ​ | $ | 157,272 | ​ | $ | 162,859
​
Schedule of components of lease expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Three Months Ended | ​ | ​ | Nine Months Ended
(in thousands) | ​ | ​ | September 29, 2019 | ​ | ​ | September 29, 2019
Finance lease: | ​ | ​ | ​ | ​ | ​ | ​
Amortization of right-of-use assets | ​ | $ | 333 | ​ | $ | 333
Interest on lease liabilities | ​ | ​ | 108 | ​ | ​ | 108
Operating lease: | ​ | ​ | ​ | ​ | ​ | ​
Operating lease cost | ​ | ​ | 10,402 | ​ | ​ | 31,816
Short-term lease cost | ​ | ​ | 679 | ​ | ​ | 2,308
Variable lease cost | ​ | ​ | 2,203 | ​ | ​ | 6,945
Total lease costs | ​ | $ | 13,725 | ​ | $ | 41,510
Sublease income | ​ | ​ | (2,613) | ​ | ​ | (7,778)
Total lease costs, net of sublease income | ​ | $ | 11,112 | ​ | $ | 33,732
Schedule of future minimum lease payments and sublease income under contractually-obligated leases | Future minimum lease payments and sublease income under contractually-obligated leases as of September 29, 2019 were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fiscal Year | ​ | Finance Lease Costs | ​ | Operating Lease Costs | ​ | Expected Sublease Income
Remainder of 2019 | ​ | $ | 579 | ​ | $ | 7,027 | ​ | $ | 2,195
2020 | ​ | ​ | 2,315 | ​ | ​ | 35,946 | ​ | ​ | 8,772
2021 | ​ | ​ | 2,315 | ​ | ​ | 31,420 | ​ | ​ | 8,419
2022 | ​ | ​ | 2,315 | ​ | ​ | 26,005 | ​ | ​ | 8,073
2023 | ​ | ​ | 2,315 | ​ | ​ | 20,345 | ​ | ​ | 7,782
Thereafter | ​ | ​ | 1,605 | ​ | ​ | 72,167 | ​ | ​ | 47,687
Total future minimum lease payments | ​ | ​ | 11,444 | ​ | ​ | 192,910 | ​ | ​ | 82,928
Less imputed interest | ​ | ​ | (1,613) | ​ | ​ | (45,469) | ​ | ​ | —
Less lease liabilities held for sale (1) | ​ | ​ | — | ​ | ​ | (2,420) | ​ | ​ | —
Total present value of Lease Liabilities | ​ | $ | 9,831 | ​ | $ | 145,021 | ​ | $ | 82,928
(1) | Operating lease liabilities of $2.4 million are separately reported in the Company’s Condensed Consolidated Balance Sheets under the caption “Accrued expenses and other current liabilities”.
Future minimum lease payments and sublease income under contractually-obligated leases as of December 30, 2018 were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
Fiscal Year | ​ | Operating Lease Costs | ​ | Expected Sublease Income
2019 | ​ | $ | 40,834 | ​ | $ | 8,079
2020 | ​ | ​ | 36,631 | ​ | ​ | 8,061
2021 | ​ | ​ | 31,159 | ​ | ​ | 7,818
2022 | ​ | ​ | 25,188 | ​ | ​ | 7,462
2023 | ​ | ​ | 18,694 | ​ | ​ | 7,182
Thereafter | ​ | ​ | 57,304 | ​ | ​ | 42,518
Total future minimum lease payments | ​ | $ | 209,810 | ​ | $ | 81,120
​
Schedule of supplemental cash flow information | Supplemental cash flow information related to leases for the periods reported is as follows: ​
​ | ​ | ​
​ | ​ | Nine Months Ended
(in thousands, except for weighted-average amounts) | ​ | September 29, 2019
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​
Operating cash flows from finance leases | $ | 108
Financing cash flows from finance leases | ​ | 371
Operating cash flows from operating leases | ​ | 30,342
Right-of-use assets obtained in exchange for new finance lease liabilities | ​ | 10,203
Right-of-use assets obtained in exchange for new operating lease liabilities | ​ | 13,335
Cash received from sublease income | ​ | 7,196
​ | ​ | ​
Weighted-average remaining lease term (in years): | ​ | ​
Finance leases | ​ | 5.03
Operating leases | ​ | 6.98
Weighted-average discount rate: | ​ | ​
Finance leases | ​ | 6.40%
Operating leases | ​ | 6.93%

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