Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.21.2
Leases (Tables)
 6 Months Ended
Jul. 11, 2021
Leases [Abstract]  
Schedule of Leased Assets and Liabilities
Leases are included in right-of-use assets, net, current portion of lease obligations, and long-term portion of lease liabilities on our Condensed Consolidated Balance Sheet as of July 11, 2021 and December 27, 2020 as follows (in thousands):
July 11, 2021 Finance Operating Total
Right of use assets, net $ 9,909  $ 414,738  $ 424,647 
Current portion of lease obligations 1,108  49,914  51,022 
Long-term portion of lease obligations 10,925  446,971  457,896 
Total $ 12,033  $ 496,885  $ 508,918 
December 27, 2020 Finance Operating Total
Right of use assets, net $ 9,644  $ 415,929  $ 425,573 
Current portion of lease obligations 1,078  54,197  55,275 
Long-term portion of lease obligations 10,937  454,296  465,233 
Total $ 12,015  $ 508,493  $ 520,508 
Lease cost
The components of lease expense, including variable lease costs primarily consisting of common area maintenance charges and real estate taxes, are included in Occupancy on our Condensed Consolidated Statement of Operations and Comprehensive Loss as follows (in thousands):
Twelve Weeks Ended Twenty-Eight Weeks Ended
July 11, 2021 July 12, 2020 July 11, 2021 July 12, 2020
Operating lease cost $ 16,243  $ 14,949  $ 37,704  $ 36,939 
Finance lease cost:
Amortization of right of use assets 197  185 460  388
Interest on lease liabilities 117  124 276  262
Total finance lease cost $ 314  $ 309  $ 736  $ 650 
Variable lease cost 4,359  4,988  10,775  13,305 
Total $ 20,916  $ 20,246  $ 49,215  $ 50,894 
Schedule of operating lease maturities Maturities of our lease liabilities as of July 11, 2021 were as follows (in thousands):
Finance Leases Operating Leases Total
Remainder of 2021 $ 820  $ 35,857  $ 36,677 
2022 1,327  78,816  80,143 
2023 1,244  75,746  76,990 
2024 1,264  73,579  74,843 
2025 1,283  68,874  70,157 
Thereafter 9,349  373,835  383,184 
Total future lease liability $ 15,287  $ 706,707  $ 721,994 
Less imputed interest 3,254  209,822  213,076 
Carrying value of lease liability $ 12,033  $ 496,885  $ 508,918 
Schedule of finance lease maturities Maturities of our lease liabilities as of July 11, 2021 were as follows (in thousands):
Finance Leases Operating Leases Total
Remainder of 2021 $ 820  $ 35,857  $ 36,677 
2022 1,327  78,816  80,143 
2023 1,244  75,746  76,990 
2024 1,264  73,579  74,843 
2025 1,283  68,874  70,157 
Thereafter 9,349  373,835  383,184 
Total future lease liability $ 15,287  $ 706,707  $ 721,994 
Less imputed interest 3,254  209,822  213,076 
Carrying value of lease liability $ 12,033  $ 496,885  $ 508,918 
Supplemental cash flow related to leases Supplemental cash flow and other information related to leases is as follows (in thousands, except other information):
Twenty-Eight Weeks Ended
July 11, 2021 July 12, 2020
Cash flows from operating activities
Cash paid related to lease liabilities
Operating leases $ 47,727  $ 17,188 
Finance leases 276  262 
Cash flows from financing activities
Cash paid related to lease liabilities
Finance leases 1,018  — 
Cash paid for amounts included in the measurement of lease liabilities: $ 49,021  $ 17,450 
Right of use assets obtained in exchange for operating lease obligations $ 7,784  $ 19,781 
Right of use assets obtained in exchange for finance lease obligations $ 751  $ 4,224 
Other information related to operating leases as follows:
Weighted average remaining lease term 10.0 years 10.4 years
Weighted average discount rate 7.01  % 7.25  %
Other information related to finance leases as follows:
Weighted average remaining lease term 11.3 years 12.2 years
Weighted average discount rate 4.56  % 4.96  %