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Leases | 3 Months Ended
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Mar. 28, 2021
Leases |
Leases | 3. Leases ​ Lessor Operating Leases We sublease certain retail space to our franchisees in the United Kingdom which are primarily operating leases. At March 28, 2021, we leased and subleased approximately 390 Papa John’s restaurants to franchisees in the United Kingdom. The initial lease terms on the franchised sites in the United Kingdom are generally 15 years. The Company has the option to negotiate an extension toward the end of the lease term at the landlord’s discretion. Rental income, primarily derived from properties leased and subleased to franchisees in the United Kingdom, is recognized on a straight-line basis over the respective operating lease terms. We recognized total sublease income of $2.8 million and $2.5 million for the three months ended March 28, 2021 and March 29, 2020, respectively. Lease Guarantees As a result of assigning our interest in obligations under property leases as a condition of the refranchising of certain restaurants, we are contingently liable for payment of 80 domestic leases. These leases have varying terms, the latest of which expires in 2036. As of March 28, 2021, the estimated maximum amount of undiscounted payments the Company could be required to make in the event of nonpayment by the primary lessees was $13.6 million. This contingent liability is not included in the Condensed Consolidated Balance Sheet as it is not probable to occur. The fair value of the guarantee is not material. ​ Supplemental Cash Flow & Other Information ​ Supplemental cash flow information related to leases for the periods reported is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended
(in thousands) | ​ | ​ | March 28, 2021 | ​ | ​ | March 29, 2020
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows from finance leases | ​ | $ | 278 | ​ | $ | 151
Financing cash flows from finance leases | ​ | ​ | 1,059 | ​ | ​ | 466
Operating cash flows from operating leases (a) | ​ | ​ | 9,483 | ​ | ​ | 9,480
Right-of-use assets obtained in exchange for new finance lease liabilities | ​ | ​ | 7,014 | ​ | ​ | 19
Right-of-use assets obtained in exchange for new operating lease liabilities (b) | ​ | ​ | 28,428 | ​ | ​ | 7,451
Cash received from sublease income | ​ | ​ | 2,987 | ​ | ​ | 2,494
​ | ​ | ​ | ​ | ​ | ​ | ​
(a) Included within the change in Other assets and liabilities within the Condensed Consolidated Statements of Cash Flows offset by non-cash operating lease right-of-use asset amortization and lease liability accretion.
(b) Includes right-of-use assets of approximately $14.5 million associated with the lease commencement of our Atlanta, Georgia corporate office.
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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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