Company: CAVA
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-007882
Chunk: 189

Company: CAVA GROUP, INC.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1
Chunk 189
---
2, with no immediate impact to our current income tax expense or net DTAs. We do not currently expect that the Inflation Reduction Act will have a material impact on our financial results.

76

8.    LEASES

The weighted average remaining lease term and discount rate were as follows as of the period indicated:December 29,2024December 31,2023Weighted average remaining lease term (years)8.28.2Weighted average discount rate6.26 %6.01 %The components of lease cost were as follows for the fiscal years indicated:(in thousands)Classification202420232022Operating lease cost1Occupancy, General and administrative expenses$52,573 $44,201 $42,551 Pre-opening lease costPre-opening costs3,867 4,296 3,823 Closed restaurant lease costRestructuring and other costs97 558 840 Short-term lease costsGeneral and administrative expenses328 364 460 Variable lease costOccupancy2,695 1,421 327 Sublease incomeOther income(470)(479)(659)Total lease cost$59,090 $50,361 $47,342 __________________1    Excludes $10.6 million, $9.4 million, and $8.5 million in fiscal 2024, 2023, and 2022, respectively, relating to variable real estate taxes, insurance, and common area maintenance costs.Supplemental disclosures of cash flow information related to leases were as follows for the fiscal years indicated:(in thousands)202420232022Cash paid for operating lease liabilities$58,172 $48,739 $49,984 Operating lease assets obtained in exchange for operating lease liabilities166,820 43,985 322,015 Derecognition of operating lease assets due to termination or impairment109 4,946 17,041 __________________1    Amount presented for fiscal 2022 includes a $256.9 million transition adjustment for the adoption of ASC 842.Refer to Note 4 (Fair Value) for a description of impairment charges that included a reduction to operating lease assets in fiscal 2023 and 2022.  Future minimum lease payments by fiscal year for operating leases consist of the following as of December 29, 2024:(in thousands)Operating Leases2025$59,936 202665,339 202763,273 202858,377