XML 27 R16.htm IDEA: XBRL DOCUMENT
v3.22.1

Leases | 6 Months Ended
--- | ---
Mar. 26, 2022
Leases [Abstract] |
Leases | J. LEASES Leases as Lessee The Company conducts part of its retail operations from leased facilities. The initial terms of the leases are generally 20 years. The majority of the leases includes one or more renewal options and provide that the Company pay property taxes, utilities, repairs and certain other costs incidental to occupation of the premises. Several leases contain clauses calling for percentage rentals based upon gross sales of the supermarket occupying the leased space. Step rent provisions, escalation clauses and lease incentives are taken into account in computing minimum lease payments. Operating lease cost for all operating leases totaled $3.0 million for the three months ended March 26, 2022 and $5.6 million for the six months ended March 26, 2022. This amount includes short-term (less than one year) leases, common area expenses, and variable lease costs, all of which are insignificant. Cash paid for lease liabilities in operating activities approximates operating lease cost. Maturities of operating lease liabilities as of March 26, 2022 were as follows:
Fiscal Year |  |
Remainder of 2022 | $ | 4,996,500
2023 |  | 9,547,692
2024 |  | 6,763,393
2025 |  | 5,962,685
2026 |  | 4,230,737
Thereafter |  | 24,152,866
Total lease payments | $ | 55,653,873
Less amount representing interest |  | 11,796,908
Present value of lease liabilities | $ | 43,856,965
On the Condensed Consolidated Balance Sheets, lease extensions exercised during fiscal year 2022 increased the line items “Operating lease right of use assets” and “Noncurrent operating lease liabilities” by $5.0 million each during the six months ended March 26, 2022. The weighted average remaining lease term for the Company’s operating leases is 12.7 years. The weighted average discount rate used to determine lease liability balances as of March 26, 2022 was 3.51%, based on recent Company financings collateralized by store properties. Leases as Lessor At March 26, 2022, the Company owned and operated 83 shopping centers in conjunction with its supermarket operations. The Company leases to others a portion of its shopping center properties. The leases are non-cancelable operating lease agreements for periods ranging up to 20 years. Rental income is included in the line item “Net sales” on the Consolidated Statements of Income. Depreciation on owned properties leased to others and other shopping center expenses are included in the line item “Cost of goods sold” on the Consolidated Statements of Income.
|  | Three Months Ended |  |  | Six Months Ended
|  | March 26, 2022 |  |  | March 26, 2022
Rents earned on owned and subleased properties: |  |  |  |  |
Base rentals | $ | 4,773,104 |  | $ | 9,670,462
Variable rentals |  | 67,892 |  |  | 135,784
Total |  | 4,840,996 |  |  | 9,806,246
Depreciation on owned properties leased to others |  | (1,463,937) |  |  | (2,927,875)
Other shopping center expenses |  | (670,365) |  |  | (1,318,152)
Total | $ | 2,706,694 |  | $ | 5,560,219
Future minimum operating lease receipts at March 26, 2022 were as follows:
Fiscal Year |  |
Remainder of 2022 | $ | 7,530,608
2023 |  | 13,805,776
2024 |  | 12,605,769
2025 |  | 11,241,965
2026 |  | 8,353,538
Thereafter |  | 34,011,392
Total minimum future rental income | $ | 87,549,048

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration