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Note R - Leases | 6 Months Ended
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Sep. 26, 2021
Notes to Financial Statements |
Leases, Disclosure [Text Block] | NOTE R – LEASES The Company is party as lessee to various leases for its Company-operated restaurants and lessee/sublessor to one franchised location property, including land and buildings, as well as leases for its corporate office and certain office equipment. Company as lessee The components of the net lease cost for the thirteen and twenty-six week periods ended September 26, 2021 and September 27, 2020 were as follows (in thousands):
|  | Thirteen weeks ended |  |  | Twenty-six weeks ended |
|  | September 26, 2021 |  |  | September 27, 2020 |  |  | September 26, 2021 |  |  | September 27, 2020 |
Statement of Earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 413 |  |  | $ | 396 |  |  | $ | 845 |  |  | $ | 811 |
Variable lease cost |  |  | 524 |  |  |  | 377 |  |  |  | 966 |  |  |  | 715 |
Less: Sublease income, net |  |  | (5 | ) |  |  | (22 | ) |  |  | (21 | ) |  |  | (22 | )
Total net lease cost (a) |  | $ | 932 |  |  | $ | 751 |  |  | $ | 1,790 |  |  | $ | 1,504 |
| (a) | The thirteen and twenty-six week periods ended September 26, 2021 and September 27, 2020 include $770, net and $1,470, net and $614, net and $1,194, net, respectively, recorded to “Restaurant Operating Expenses” for leases for Company-operated restaurants; $167 and $341, and $159 and $332, respectively, recorded to “General and administrative expenses” for leases for corporate offices and equipment; and $5 and $21, and $22 and $22, respectively, recorded to “Other income, net” for leased properties that are leased to franchisees.
Cash paid for amounts included in the measurement of lease liabilities were as follows (in thousands):
|  | Thirteen weeks ended |  |  | Twenty-six weeks ended |
|  | September 26, 2021 |  |  | September 27, 2020 |  |  | September 26, 2021 |  |  | September 27, 2020 |
Operating cash flows from operating leases |  | $ | 183 |  |  | $ | 202 |  |  | $ | 357 |  |  | $ | 407 |
The weighted average remaining lease term and weighted-average discount rate for operating leases as of September 26, 2021 were as follows:
Weighted average remaining lease term (years): |  |  | 6.7 |
Weighted average discount rate: |  |  | 8.882 | %
Future lease commitments to be paid and received by the Company as of September 26, 2021 were as follows (in thousands):
|  | Payments |  |  | Receipts |  |  |  |  |
|  | Operating Leases |  |  | Subleases |  |  | Net Leases |
Fiscal year: |  |  |  |  |  |  |  |  |  |  |  |
2022 (a) |  | $ | 760 |  |  | $ | 77 |  |  | $ | 683 |
2023 |  |  | 1,849 |  |  |  | 168 |  |  |  | 1,681 |
2024 |  |  | 1,774 |  |  |  | 169 |  |  |  | 1,605 |
2025 |  |  | 1,678 |  |  |  | 169 |  |  |  | 1,509 |
2026 |  |  | 1,712 |  |  |  | 169 |  |  |  | 1,543 |
Thereafter |  |  | 3,762 |  |  |  | 183 |  |  |  | 3,579 |
Total lease commitments |  | $ | 11,535 |  |  | $ | 935 |  |  | $ | 10,600 |
Less: Amount representing interest |  |  | 2,822 |  |  |  |  |  |  |  |  |
Present value of lease liabilities (b) |  | $ | 8,713 |  |  |  |  |  |  |  |  |
| (a) | Represents future lease commitments to be paid and received by the Company for the remainder of the 2022 fiscal year. Amount does not include $890 of lease commitments paid and received by the Company for the twenty-six week period ended September 26, 2021.
| (b) | The present value of minimum operating lease payments of $1,846 and $6,867 are included in “Current portion of operating lease liabilities” and “Long-term operating lease liabilities,” respectively on the Consolidated Balance Sheet.
Company as lessor The components of net lease income for the thirteen week and twenty-six week periods ended September 26, 2021 and September 27, 2020 were as follows (in thousands):
|  | Thirteen weeks ended |  |  | Twenty-six weeks ended |
|  | September 26, 2021 |  |  | September 27, 2020 |  |  | September 26, 2021 |  |  | September 27, 2020 |
Operating lease income, net |  | $ | 5 |  |  | $ | 22 |  |  | $ | 21 |  |  | $ | 22 |

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- References No definition available. + Details
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