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LEASES | 12 Months Ended
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Dec. 29, 2024
Leases [Abstract] |
LEASES | LEASES The components of lease cost were as follows:
(dollar amounts in thousands) | Classification | December 29, 2024 |  | December 31, 2023 |  | December 25, 2022
Operating lease cost | Occupancy and related expense General and administrative expense Pre-opening costs | 51,576 |  |  | 48,168 |  |  | 43,722
Variable lease cost | Occupancy and related expense General and administrative expense | 12,219 |  |  | 11,055 |  |  | 7,958
Short term lease cost | Occupancy and related expense General and administrative expense | 612 |  |  | 422 |  |  | 145
Sublease income | General and administrative expense | — |  |  | (356) |  |  | (711)
Total lease cost |  | $ | 64,407 |  |  | $ | 59,289 |  |  | $ | 51,114 |
During the fiscal year ended December 29, 2024, the Company recorded a non-cash impairment charge related to operating lease assets of $0.4 million, which is recorded within impairment and closure costs in the consolidated financial statements. During the fiscal year ended December 31, 2023, the Company recorded non-cash impairment charges related to operating lease assets of $4.3 million, all of which is recorded within restructuring charges in the consolidated statement of operations. During fiscal year December 25, 2022, the Company recorded non-cash impairment charges related to operating lease assets of $6.2 million, of which $5.8 million is recorded within restructuring charges and $0.4 million is recorded within impairment and closure costs in the consolidated financial statements. See Note 1. As of December 29, 2024, future minimum lease payments for operating leases consisted of the following:
(dollar amounts in thousands) |
2025 | 61,431 |
2026 | 61,647 |
2027 | 58,124 |
2028 | 52,188 |
2029 | 50,261 |
Thereafter | 144,004 |
Total | 427,655 |
Less: imputed interest | 96,941 |
Total lease liabilities | 330,714 |
As of December 29, 2024 the Company had additional operating lease commitments of $27.5 million for non-cancelable leases without a possession date, which the Company anticipates will commence in fiscal year 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 December 29, 2024 and December 31, 2023 is as follows:
| December 29, 2024 |  | December 31, 2023
Weighted average remaining lease term (years): |  |  |
Operating Leases | 7.32 |  | 7.41
Weighted average discount rate: |  |  |
Operating Leases | 6.75 | % |  | 6.51 | %
Supplemental cash flow information related to leases as of December 29, 2024, December 31, 2023 and December 25, 2022 as follows:
| December 29, 2024 |  | December 31, 2023 |  | December 25, 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases, net of lease incentives | $ | 39,965 |  |  | $ | 42,425 |  |  | $ | 29,230 |
Right of use assets obtained in exchange for lease obligations: |  |  |  |  |
Operating leases | $ | 46,167 |  |  | $ | 24,416 |  |  | $ | 57.396 |
Derecognition of operating lease assets due to termination or impairment | $ | 389 |  |  | $ | 4,291 |  |  | $ | 6,228 |

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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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