Leases (Tables)
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9 Months Ended |
Oct. 03, 2021 |
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| Leases [Abstract] |
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| 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 October 3, 2021 and December 27, 2020 as follows (in thousands):
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| October 3, 2021 |
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Finance |
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Operating |
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Total |
| Right of use assets, net |
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$ |
9,774 |
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|
$ |
410,014 |
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|
$ |
419,788 |
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| Current portion of lease obligations |
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1,140 |
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48,754 |
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|
49,894 |
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| Long-term portion of lease obligations |
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10,813 |
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|
439,860 |
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|
450,673 |
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| Total |
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$ |
11,953 |
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$ |
488,614 |
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$ |
500,567 |
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| December 27, 2020 |
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Finance |
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Operating |
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Total |
| Right of use assets, net |
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$ |
9,644 |
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|
$ |
415,929 |
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$ |
425,573 |
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| Current portion of lease obligations |
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1,078 |
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|
54,197 |
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|
55,275 |
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| Long-term portion of lease obligations |
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10,937 |
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|
454,296 |
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|
465,233 |
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| Total |
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$ |
12,015 |
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$ |
508,493 |
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$ |
520,508 |
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| 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):
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Twelve Weeks Ended |
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Forty Weeks Ended |
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October 3, 2021 |
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October 4, 2020 |
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October 3, 2021 |
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October 4, 2020 |
| Operating lease cost |
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$ |
16,061 |
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$ |
14,992 |
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$ |
53,765 |
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$ |
51,931 |
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| Finance lease cost: |
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| Amortization of right of use assets |
|
197 |
|
|
227 |
|
657 |
|
|
615 |
| Interest on lease liabilities |
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131 |
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|
150 |
|
407 |
|
|
412 |
| Total finance lease cost |
|
328 |
|
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$ |
377 |
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$ |
1,064 |
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$ |
1,027 |
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| Variable lease cost |
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4,496 |
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|
5,902 |
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|
15,271 |
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|
19,207 |
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| Total |
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$ |
20,885 |
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$ |
21,271 |
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$ |
70,100 |
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$ |
72,165 |
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| Schedule of operating lease maturities |
Maturities of our lease liabilities as of October 3, 2021 were as follows (in thousands):
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Finance Leases |
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Operating Leases |
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Total |
| Remainder of 2021 |
$ |
550 |
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|
$ |
14,740 |
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$ |
15,290 |
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| 2022 |
1,327 |
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|
79,038 |
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80,365 |
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| 2023 |
1,244 |
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|
76,303 |
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|
77,547 |
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| 2024 |
1,264 |
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|
74,575 |
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|
75,839 |
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| 2025 |
1,283 |
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|
69,959 |
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|
71,242 |
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| Thereafter |
9,441 |
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|
377,685 |
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|
387,126 |
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| Total future lease liability |
$ |
15,109 |
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|
$ |
692,300 |
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$ |
707,409 |
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| Less imputed interest |
3,156 |
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|
203,686 |
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|
206,842 |
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| Carrying value of lease liability |
$ |
11,953 |
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$ |
488,614 |
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$ |
500,567 |
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| Schedule of finance lease maturities |
Maturities of our lease liabilities as of October 3, 2021 were as follows (in thousands):
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Finance Leases |
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Operating Leases |
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Total |
| Remainder of 2021 |
$ |
550 |
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$ |
14,740 |
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$ |
15,290 |
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| 2022 |
1,327 |
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|
79,038 |
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80,365 |
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| 2023 |
1,244 |
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|
76,303 |
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|
77,547 |
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| 2024 |
1,264 |
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|
74,575 |
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|
75,839 |
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| 2025 |
1,283 |
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|
69,959 |
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|
71,242 |
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| Thereafter |
9,441 |
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|
377,685 |
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|
387,126 |
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| Total future lease liability |
$ |
15,109 |
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$ |
692,300 |
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$ |
707,409 |
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| Less imputed interest |
3,156 |
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|
203,686 |
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|
206,842 |
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| Carrying value of lease liability |
$ |
11,953 |
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$ |
488,614 |
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$ |
500,567 |
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| Supplemental cash flow related to leases |
Supplemental cash flow and other information related to leases is as follows (in thousands, except other information):
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Forty Weeks Ended |
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October 3, 2021 |
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October 4, 2020 |
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| Cash flows from operating activities |
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| Cash paid related to lease liabilities |
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| Operating leases |
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$ |
68,036 |
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$ |
33,034 |
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| Finance leases |
|
406 |
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|
412 |
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| Cash flows from financing activities |
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| Cash paid related to lease liabilities |
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| Finance leases |
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1,447 |
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|
196 |
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| Cash paid for amounts included in the measurement of lease liabilities: |
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$ |
69,889 |
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$ |
33,642 |
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| Right of use assets obtained in exchange for operating lease obligations |
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$ |
27,483 |
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$ |
31,731 |
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| Right of use assets obtained in exchange for finance lease obligations |
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$ |
988 |
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$ |
4,581 |
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| Other information related to operating leases as follows: |
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| Weighted average remaining lease term |
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9.9 years |
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10.3 years |
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| Weighted average discount rate |
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7.01 |
% |
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7.12 |
% |
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| Other information related to finance leases as follows: |
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| Weighted average remaining lease term |
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11.0 years |
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11.9 years |
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| Weighted average discount rate |
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4.56 |
% |
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4.93 |
% |
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