Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.20.2
Leases (Tables)
 6 Months Ended
Jul. 12, 2020
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 12, 2020 and December 29, 2019 as follows (in thousands):
July 12, 2020 Finance Operating Total
Right of use assets, net $ 11,340    $ 404,560    $ 415,900   
Current portion of lease obligations 1,070    60,998    62,068   
Long-term portion of lease obligations 12,532    442,756    455,288   
Total $ 13,602    $ 503,754    $ 517,356   
December 29, 2019 Finance Operating Total
Right of use assets, net $ 7,552    $ 418,696    $ 426,248   
Current portion of lease obligations 725    41,974    42,699   
Long-term portion of lease obligations 8,822    456,613    465,435   
Total $ 9,547    $ 498,587    $ 508,134   
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 as follows (in thousands):
Twelve Weeks Ended Twenty-Eight Weeks Ended
July 12, 2020 July 14, 2019 July 12, 2020 July 14, 2019
Operating lease cost $ 14,949    $ 17,442    $ 36,939    $ 41,114   
Finance lease cost:
Amortization of right of use assets 185    193 388    441
Interest on lease liabilities 124    125 262    294
Total finance lease cost $ 309    $ 318    $ 650    $ 735   
Variable lease cost 4,988    6,647    13,305    15,532   
Total $ 20,246    $ 24,407    $ 50,894    $ 57,381   
Schedule of operating lease maturities
Maturities of our lease liabilities as of July 12, 2020 were as follows (in thousands):
Finance Leases Operating Leases Total
Remainder of 2020 $ 889    $ 49,486    $ 50,375   
2021 1,393    75,225    76,618   
2022 1,527    73,836    75,363   
2023 1,406    71,959    73,365   
2024 1,422    69,497    70,919   
Thereafter 11,464    384,928    396,392   
Total future lease liability $ 18,101    $ 724,931    $ 743,032   
Less imputed interest 4,499    221,177    225,676   
Fair value of lease liability $ 13,602    $ 503,754    $ 517,356   
Schedule of finance lease maturities
Maturities of our lease liabilities as of July 12, 2020 were as follows (in thousands):
Finance Leases Operating Leases Total
Remainder of 2020 $ 889    $ 49,486    $ 50,375   
2021 1,393    75,225    76,618   
2022 1,527    73,836    75,363   
2023 1,406    71,959    73,365   
2024 1,422    69,497    70,919   
Thereafter 11,464    384,928    396,392   
Total future lease liability $ 18,101    $ 724,931    $ 743,032   
Less imputed interest 4,499    221,177    225,676   
Fair value of lease liability $ 13,602    $ 503,754    $ 517,356   
Supplemental cash flow related to leases
Supplemental cash flow information related to leases is as follows (in thousands, except other information):
Twenty-Eight Weeks Ended
July 12, 2020 July 14, 2019
Cash flows from operating activities
Cash paid related to lease liabilities
Operating leases $ 17,188    $ 39,407   
Finance leases 262    261   
Cash flows from financing activities
Cash paid related to lease liabilities
Finance leases —    461   
Cash paid for amounts included in the measurement of lease liabilities: $ 17,450    $ 40,129   
Right of use assets obtained in exchange for operating lease obligations $ 19,781    $ 7,022   
Right of use assets obtained in exchange for finance lease obligations $ 4,224    $ 1,669   
Other information related to operating leases as follows:
Weighted average remaining lease term 10.44 years 11.17 years
Weighted average discount rate 7.25  % 7.35  %
Other information related to financing leases as follows:
Weighted average remaining lease term 12.22 years 11.79 years
Weighted average discount rate 4.96  % 4.74  %