v3.22.1
Leases (Tables)
12 Months Ended
Dec. 25, 2021
Leases [Abstract]  
Summary of Lease Components

The components of operating and finance lease cost for the year ended December 25, 2021 and December 26, 2020 were as follows:

Year Ended 

Year Ended 

December 25, 2021

December 26, 2020

Operating lease cost

$

20,860

$

19,189

Short term lease costs

4,827

 

2,404

Variable lease costs

1,496

 

898

Finance lease cost:

 

  

Amortization of right of use assets

914

 

813

Interest on lease liabilities

123

 

143

The implicit rate is not determinable in most of the Company’s leases, as such management uses the Company’s incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The weighted average remaining lease terms and discount rates for all of our operating leases were as follows as of December 25, 2021 and December 26, 2020:

December 25, 2021

December 26, 2020

 

Operating 

Finance

Operating 

Finance

Leases

Leases

    

Leases

    

Leases

 

Weighted average remaining lease term

6.60

2.60

 

7.19

 

2.61

Weighted average discount rate

7.88

%  

5.59

%

8.28

%  

7.14

%

Supplemental balance sheet information related to the Company’s finance leases as of December 25, 2021 and December 26, 2020:

December 25, 

December 26, 

    

2021

2020

Finance lease assets, net, included in property plant and equipment

$

1,768

$

1,919

Current portion of long-term debt

 

767

 

872

Long-term debt, less current portion

 

1,015

 

1,172

Total principal payable on finance leases

$

1,782

$

2,044

Supplemental cash flow information related to our operating leases was as follows for the year ended December 25, 2021 and December 26, 2020:

Year Ended 

Year Ended 

December 25, 

December 26, 

2021

    

2020

Cash paid for amounts included in the measurement of lease liabilities:

 

  

Operating cash outflow from operating leases

$

19,767

$

18,641

Operating cash outflow from finance leases

127

 

143

Financing cash outflow from finance leases

938

 

836

Schedule of Lease Liability Maturity

As of December 25, 2021, our future minimum rental commitments are immaterial for lease agreements beginning after the current reporting period. Maturities of our lease liabilities for all operating and finance leases are as follows as of December 25, 2021:

Operating Leases

Finance Leases

Less than one year

$

19,192

$

922

1 to 2 years

 

17,224

 

632

2 to 3 years

 

16,058

 

315

3 to 4 years

 

15,349

 

92

4 to 5 years

 

14,582

 

41

After 5 years

 

29,649

 

Total future minimum rental commitments

 

112,054

 

2,002

Less – amounts representing interest

 

(24,490)

 

(220)

Present value of lease liabilities

$

87,564

$

1,782

Schedule of Lease Liability Maturity

As of December 25, 2021, our future minimum rental commitments are immaterial for lease agreements beginning after the current reporting period. Maturities of our lease liabilities for all operating and finance leases are as follows as of December 25, 2021:

Operating Leases

Finance Leases

Less than one year

$

19,192

$

922

1 to 2 years

 

17,224

 

632

2 to 3 years

 

16,058

 

315

3 to 4 years

 

15,349

 

92

4 to 5 years

 

14,582

 

41

After 5 years

 

29,649

 

Total future minimum rental commitments

 

112,054

 

2,002

Less – amounts representing interest

 

(24,490)

 

(220)

Present value of lease liabilities

$

87,564

$

1,782