XML 37 R15.htm IDEA: XBRL DOCUMENT
v3.20.4

Leases | 12 Months Ended
--- | ---
Dec. 27, 2020
Leases [Abstract] |
Leases | (8) Leases As a result of COVID-19, the Company suspended the payment of rent on the majority of its leases in April 2020 and entered into discussions with landlords regarding the restructuring of those leases in light of various contractual and legal defenses. The Company entered into 321 amendments with our respective landlords during the year ended December 27, 2020. Under these agreements, certain rent payments will be abated, deferred or modified without penalty for various periods, generally covering two to four months of rent payments. In April 2020, the Financial Accounting Standards Board issued guidance allowing entities to make a policy election whether to account for lease concessions related to the COVID-19 pandemic as lease modifications. The election applies to any lessor-provided lease concession related to the impact of the COVID-19 pandemic, provided the concession does not result in a substantial increase in the rights of the lessor or in the obligations of the lessee. For the lease concessions we received from certain landlords in the form of rent deferrals and abatements which were not substantial, we have elected to not account for these rent concessions as lease modifications. The gains recognized upon lease terminations are recorded in impairment, loss on disposal of property and equipment and shop closures. The right-of use assets, liabilities and gains recognized upon termination of lease contracts were as follows:
|  | Fiscal Year |  |  | Fiscal Year |
|  | 2020 |  |  | 2019 |
Leases of terminated |  |  | 28 |  |  |  | 11 |
Lease termination fees |  | $ | 2,832 |  |  | $ | 3,130 |
Right-of-use assets derecognized upon lease termination |  |  | 14,774 |  |  |  | 6,506 |
Lease liabilities derecognized upon lease termination |  |  | 16,103 |  |  |  | 7,450 |
Gain recognized upon lease termination |  | $ | 1,329 |  |  | $ | 944 |
Operating lease term and discount rate were as follows:
|  | December 27, |  |  | December 29, |
|  | 2020 |  |  | 2019 |
Weighted average remaining lease term (years) |  | 7.82 |  |  | 8.52 |
Weighted average discount rate |  |  | 7.88 | % |  |  | 7.95 | %
Certain of the Company’s operating lease agreements include variable payments that are passed through by the landlord, such as common area maintenance and real estate taxes, as well as variable payments based on percentage rent for certain of our shops. Pass-through charges and payments based on percentage rent are included within variable lease cost. The components of lease cost were as follows (in thousands):
- |  |  |  | Fiscal Year |  |  | Fiscal Year |
|  | Classification |  | 2020 |  |  | 2019 |
Operating lease cost |  | Occupancy and general and administrative expenses |  | $ | 45,350 |  |  | $ | 45,604 |
Variable lease cost |  | Occupancy and general and administrative expenses |  |  | 11,885 |  |  |  | 13,692 |
Total lease cost |  |  |  | $ | 57,235 |  |  | $ | 59,296 |
Supplemental disclosures of cash flow information relating to leases is as follows (in thousands):
|  | Fiscal Year |  |  | Fiscal Year |
|  | 2020 |  |  | 2019 |
Operating cash flows rent paid for operating lease liabilities |  | $ | 35,168 |  |  | $ | 47,335 |
Operating right-of-use assets obtained in exchange for new operating lease liabilities |  |  | 20,369 |  |  |  | 15,765 |
Reduction in operating right-of-use assets due to lease terminations |  | $ | (14,774 | ) |  | $ | (6,506 | )
Maturities of lease liabilities were as follows at December 27, 2020 (in thousands):
|  | Operating Leases |
2021 |  | $ | 51,156 |
2022 |  |  | 41,151 |
2023 |  |  | 36,628 |
2024 |  |  | 34,144 |
2025 |  |  | 31,481 |
Thereafter |  |  | 110,376 |
Total lease payments |  |  | 304,936 |
Less: imputed interest |  |  | (80,465 | )
Present value of lease liabilities |  | $ | 224,471 |

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: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration