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LEASES | 3 Months Ended
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Mar. 31, 2024
Leases [Abstract] |
LEASES | LEASES The Company leases restaurants and corporate office space under various non-cancelable lease agreements that expire on various dates through 2038. 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 weeks ended March 31, 2024 and March 26, 2023 were as follows:
|  | Thirteen weeks ended |  |
(dollar amounts in thousands) | Classification | March 31, 2024 |  | March 26, 2023 |  |  |  |
Operating lease cost | Occupancy and related expense General and administrative expense Pre-opening costs | $ | 12,382 |  |  | $ | 11,829 |  |  |  |  |
Variable lease cost | Occupancy and related expense General and administrative expense | 2,947 |  |  | 2,612 |  |  |  |  |
Short term lease cost | Occupancy and related expense General and administrative expense | 114 |  |  | 145 |  |  |  |  |
Sublease income | General and administrative expense | — |  |  | (178) |  |  |  |  |
Total lease cost |  | $ | 15,443 |  |  | $ | 14,408 |  |  |  |  |
As of March 31, 2024, future minimum lease payments for operating leases consisted of the following:
(dollar amounts in thousands) |
2024 | $ | 36,157 |
2025 | 57,000 |
2026 | 55,895 |
2027 | 51,660 |
2028 | 45,577 |
Thereafter | 148,323 |
Total | $ | 394,612 |
Less: imputed interest | 90,211 |
Total lease liabilities | $ | 304,401 |
As of March 31, 2024 and December 31, 2023 the Company had additional operating lease commitments of $24.0 million and $25.9 million, respectively, for non-cancelable leases without a possession date, which the Company anticipates will commence in fiscal year 2024 or early 2025. The 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 March 31, 2024 and December 31, 2023 is as follows:
| March 31, 2024 |  | December 31, 2023
Weighted average remaining lease term (years): |  |  |
Operating Leases | 7.29 |  | 7.41
Weighted average discount rate: |  |  |
Operating Leases | 6.59 | % |  | 6.51 | %
Supplemental cash flow information related to leases for the thirteen weeks ended March 31, 2024 and March 26, 2023:
| March 31, 2024 |  | March 26, 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases, net of lease incentives | $ | 10,610 |  |  | $ | 12,789 |
Right of use assets obtained in exchange for lease obligations: |  |  |
Operating leases | $ | 7,357 |  |  | $ | 10,532 |

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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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