Note K - Leases

12 Months Ended

Mar. 28, 2021

Notes to Financial Statements

Leases, Disclosure [Text Block]

NOTE K – 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 fiscal years ended March 28, 2021 and March 29, 2020 were as follows:

	March 28, 2021			March 29, 2020
Statement of Earnings
Operating lease cost	$	1,444		$	1,238
Short term lease cost		-			17
Variable lease cost		1,194			1,517
Less: Sublease income, net		(47	)		(85	)
Total net lease cost (a)	$	2,591		$	2,687

(a) The fiscal years ended March 28, 2021 and March 29, 2020 include $1,981, net and $2,137, net, respectively, recorded to “Restaurant Operating Expenses” for leases for Company-operated restaurants; $657 and $635, respectively, recorded to “General and administrative expenses” for leases for corporate offices and equipment; and $47 and $85, 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 for the fiscal years ended March 28, 2021 and March 29, 2020 were as follows:

	March 28, 2021		March 29, 2020
Operating cash flows from operating leases		$727		$375

The weighted average remaining lease term and weighted-average discount rate for operating leases for the fiscal years ended March 28, 2021 and March 29, 2020 were as follows:

	March 28, 2021			March 29, 2020
Weighted average remaining lease term (years):		7.2			8.1
Weighted average discount rate:		8.870	%		8.869	%

Future lease commitments to be paid and received by the Company as of March 28, 2021 were as follows:

	Payments		Receipts
	Operating Leases		Subleases		Net Leases
Fiscal year:
2022	$	1,837	$	247	$	1,590
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		3,761		183		3,578
Total lease commitments	$	12,611	$	1,105	$	11,506
Less: Amount representing interest		3,221
Present value of lease liabilities (a)	$	9,390

(a) The present value of minimum operating lease payments of $1,837 and $7,553 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 lease income for the fiscal years ended March 28, 2021 and March 29, 2020 were as follows:

	March 28, 2021		March 29, 2020
Operating lease income, net		$47		$84