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LEASES | 6 Months Ended
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Jun. 25, 2023
Leases [Abstract] |
LEASES | LEASES As a result of the Company losing its emerging growth company status on December 25, 2022, the Company was required to adopt ASC 842, effective beginning on December 27, 2021. As a result, the amounts included in the Company’s condensed consolidated statement of operations represent the updated balances to the respective line items within previously filed quarterly statements’ condensed consolidated statement of operations. For the reasons described herein, the fiscal year 2022 quarterly information presented herein does not mirror the financial information included in our Quarterly Reports on Form 10-Q filed during fiscal year 2022. The Company leases restaurants and corporate office space under various non-cancelable lease agreements that expire on various dates through 2033. Lease terms for restaurants generally include a base term of 10 years, with options to extend these leases for additional periods of 5 to 15 years. The components of lease cost for the thirteen and twenty-six weeks ended June 25, 2023 and June 26, 2022 were as follows:
|  | Thirteen weeks ended |  | Twenty-six weeks ended
(dollar amounts in thousands) | Classification | June 25, 2023 |  | June 26, 2022 |  | June 25, 2023 |  | June 26, 2022
Operating lease cost | Occupancy and related expense General and administrative expense Pre-opening costs | 12,586 |  |  | 11,847 |  |  | 24,415 |  |  | 21,488 |
Variable lease cost | Occupancy and related expense General and administrative expense | 2,178 |  |  | 1,278 |  |  | 4,790 |  |  | 3,301 |
Short term lease cost | Occupancy and related expense General and administrative expense | 74 |  |  | 33 |  |  | 219 |  |  | 178 |
Sublease income | General and administrative expense | (178) |  |  | (233) |  |  | (356) |  |  | (411) |
Total lease cost |  | $ | 14,660 |  |  | $ | 12,925 |  |  | $ | 29,068 |  |  | $ | 24,556 |
As of June 25, 2023, future minimum lease payments for operating leases consisted of the following:
(dollar amounts in thousands) |
2023 | 20,499 |
2024 | 53,103 |
2025 | 53,354 |
2026 | 52,247 |
2027 | 47,957 |
Thereafter | 169,683 |
Total | 396,843 |
Less: imputed interest | 93,861 |
Total lease liabilities | 302,982 |
As of June 25, 2023 and December 25, 2022 the Company had additional operating lease commitments of $22.7 million and $18.0 million, respectively, for non-cancelable leases without a possession date, which the Company anticipates will commence in fiscal year 2023 or early 2024. These nature of such lease commitments is consistent with the nature of the leases that the Company has executed thus far. A summary of lease terms and discount rates for operating leases as of June 25, 2023 and December 25, 2022 is as follows:
| June 25, 2023 |  | December 25, 2022
Weighted average remaining lease term (years): |  |  |
Operating Leases | 7.72 |  | 7.98
Weighted average discount rate: |  |  |
Operating Leases | 6.41 | % |  | 6.09 | %
Supplemental cash flow information related to leases for the twenty-six weeks ended June 25, 2023 and June 26, 2022:
| June 25, 2023 |  | June 26, 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases, net of lease incentives | $ | 21,870 |  |  | $ | 9,105 |
Right of use assets obtained in exchange for lease obligations: |  |  |
Operating leases | $ | 14,125 |  |  | 32,417 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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