Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.21.2
Leases
 9 Months Ended
Oct. 03, 2021
Leases [Abstract]  
Leases LeasesLeases 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 October 3, 2021 and December 27, 2020 as follows (in thousands):
October 3, 2021 Finance Operating Total
Right of use assets, net $ 9,774  $ 410,014  $ 419,788 
Current portion of lease obligations 1,140  48,754  49,894 
Long-term portion of lease obligations 10,813  439,860  450,673 
Total $ 11,953  $ 488,614  $ 500,567 
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 
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 Forty Weeks Ended
October 3, 2021 October 4, 2020 October 3, 2021 October 4, 2020
Operating lease cost $ 16,061  $ 14,992  $ 53,765  $ 51,931 
Finance lease cost:
Amortization of right of use assets 197  227 657  615
Interest on lease liabilities 131  150 407  412
Total finance lease cost 328  $ 377  $ 1,064  $ 1,027 
Variable lease cost 4,496  5,902  15,271  19,207 
Total $ 20,885  $ 21,271  $ 70,100  $ 72,165 
Maturities of our lease liabilities as of October 3, 2021 were as follows (in thousands):
Finance Leases Operating Leases Total
Remainder of 2021 $ 550  $ 14,740  $ 15,290 
2022 1,327  79,038  80,365 
2023 1,244  76,303  77,547 
2024 1,264  74,575  75,839 
2025 1,283  69,959  71,242 
Thereafter 9,441  377,685  387,126 
Total future lease liability $ 15,109  $ 692,300  $ 707,409 
Less imputed interest 3,156  203,686  206,842 
Carrying value of lease liability $ 11,953  $ 488,614  $ 500,567 
Supplemental cash flow and other information related to leases is as follows (in thousands, except other information):
Forty Weeks Ended
October 3, 2021 October 4, 2020
Cash flows from operating activities
Cash paid related to lease liabilities
Operating leases $ 68,036  $ 33,034 
Finance leases 406  412 
Cash flows from financing activities
Cash paid related to lease liabilities
Finance leases 1,447  196 
Cash paid for amounts included in the measurement of lease liabilities: $ 69,889  $ 33,642 
Right of use assets obtained in exchange for operating lease obligations $ 27,483  $ 31,731 
Right of use assets obtained in exchange for finance lease obligations $ 988  $ 4,581 
Other information related to operating leases as follows:
Weighted average remaining lease term 9.9 years 10.3 years
Weighted average discount rate 7.01  % 7.12  %
Other information related to finance leases as follows:
Weighted average remaining lease term 11.0 years 11.9 years
Weighted average discount rate 4.56  % 4.93  %
Leases LeasesLeases 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 October 3, 2021 and December 27, 2020 as follows (in thousands):
October 3, 2021 Finance Operating Total
Right of use assets, net $ 9,774  $ 410,014  $ 419,788 
Current portion of lease obligations 1,140  48,754  49,894 
Long-term portion of lease obligations 10,813  439,860  450,673 
Total $ 11,953  $ 488,614  $ 500,567 
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 
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 Forty Weeks Ended
October 3, 2021 October 4, 2020 October 3, 2021 October 4, 2020
Operating lease cost $ 16,061  $ 14,992  $ 53,765  $ 51,931 
Finance lease cost:
Amortization of right of use assets 197  227 657  615
Interest on lease liabilities 131  150 407  412
Total finance lease cost 328  $ 377  $ 1,064  $ 1,027 
Variable lease cost 4,496  5,902  15,271  19,207 
Total $ 20,885  $ 21,271  $ 70,100  $ 72,165 
Maturities of our lease liabilities as of October 3, 2021 were as follows (in thousands):
Finance Leases Operating Leases Total
Remainder of 2021 $ 550  $ 14,740  $ 15,290 
2022 1,327  79,038  80,365 
2023 1,244  76,303  77,547 
2024 1,264  74,575  75,839 
2025 1,283  69,959  71,242 
Thereafter 9,441  377,685  387,126 
Total future lease liability $ 15,109  $ 692,300  $ 707,409 
Less imputed interest 3,156  203,686  206,842 
Carrying value of lease liability $ 11,953  $ 488,614  $ 500,567 
Supplemental cash flow and other information related to leases is as follows (in thousands, except other information):
Forty Weeks Ended
October 3, 2021 October 4, 2020
Cash flows from operating activities
Cash paid related to lease liabilities
Operating leases $ 68,036  $ 33,034 
Finance leases 406  412 
Cash flows from financing activities
Cash paid related to lease liabilities
Finance leases 1,447  196 
Cash paid for amounts included in the measurement of lease liabilities: $ 69,889  $ 33,642 
Right of use assets obtained in exchange for operating lease obligations $ 27,483  $ 31,731 
Right of use assets obtained in exchange for finance lease obligations $ 988  $ 4,581 
Other information related to operating leases as follows:
Weighted average remaining lease term 9.9 years 10.3 years
Weighted average discount rate 7.01  % 7.12  %
Other information related to finance leases as follows:
Weighted average remaining lease term 11.0 years 11.9 years
Weighted average discount rate 4.56  % 4.93  %