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Leases
12 Months Ended
Dec. 26, 2021
Leases [Abstract]  
Leases LEASESAs of December 26, 2021, the Company has recorded 135 operating leases for corporate offices and for certain owned restaurant properties, some of which are in the process of being refranchised. The leases have remaining terms ranging from 1 month to 23.8 years. The Company recognized lease expense of $6.3 million and $2.0 million for the fiscal years ended
December 26, 2021 and December 27, 2020, respectively. The weighted average remaining lease term of the operating leases as of December 26, 2021 was 15.4 years.
Operating lease right of use assets and operating lease liabilities are as follows (in thousands):
December 26,
2021
December 27,
2020
Operating lease right of use assets$98,552 $4,469 
Right of use assets classified as held for sale4,672 9,479 
Total right of use assets$103,224 $13,948 
Operating lease liabilities$107,261 $4,759 
Lease liabilities related to assets held for sale4,780 9,892 
Total operating Lease liabilities$112,041 $14,651 
The operating lease right of use assets and operating lease liabilities include obligations relating to the optional term extensions available on certain restaurant leases based on management’s intention to exercise the options. The weighted average discount rate used to calculate the carrying value of the right of use assets and lease liabilities was 9.4% which is based on the Company’s incremental borrowing rate at the time the lease is acquired.
The contractual future maturities of the Company’s operating lease liabilities as of December 26, 2021, including anticipated lease extensions, are as follows (in thousands):
Fiscal year:
2022$16,773 
202315,758 
202414,692 
202514,263 
202613,228 
Thereafter
164,382 
Total lease payments239,096 
Less imputed interest
127,055 
Total
$112,041 
Supplemental cash flow information for the fiscal years ended December 26, 2021 and December 27, 2020 related to leases is as follows (in thousands):
20212020
Cash paid for amounts included in the measurement of operating lease liabilities:
Operating cash flows from operating leases$5,665 $1,202 
Operating lease right of use assets obtained in exchange for new lease obligations:
Operating lease liabilities$105,613 $14,500