Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.20.2
Leases (Tables)
9 Months Ended
Oct. 04, 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 October 4, 2020 and December 29, 2019 as follows (in thousands):
October 4, 2020 Finance Operating Total
Right of use assets, net $ 11,463  $ 404,485  $ 415,948 
Current portion of lease obligations 1,122  60,910  62,032 
Long-term portion of lease obligations 12,666  438,085  450,751 
Total $ 13,788  $ 498,995  $ 512,783 
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 Forty Weeks Ended
October 4, 2020 October 6, 2019 October 4, 2020 October 6, 2019
Operating lease cost $ 14,992  $ 17,298  $ 51,931  $ 58,412 
Finance lease cost:
Amortization of right of use assets 227  193 615  634
Interest on lease liabilities 150  122 412  416
Total finance lease cost $ 377  $ 315  $ 1,027  $ 1,050 
Variable lease cost 5,902  6,653  19,207  22,185 
Total $ 21,271  $ 24,266  $ 72,165  $ 81,647 
Schedule of operating lease maturities
Maturities of our lease liabilities as of October 4, 2020 were as follows (in thousands):
Finance Leases Operating Leases Total
Remainder of 2020 $ 548  $ 29,370  $ 29,918 
2021 1,450  76,091  77,541 
2022 1,570  73,899  75,469 
2023 1,449  71,855  73,304 
2024 1,469  69,883  71,352 
Thereafter 11,686  396,286  407,972 
Total future lease liability $ 18,172  $ 717,384  $ 735,556 
Less imputed interest 4,384  218,389  222,773 
Fair value of lease liability $ 13,788  $ 498,995  $ 512,783 
Schedule of finance lease maturities
Maturities of our lease liabilities as of October 4, 2020 were as follows (in thousands):
Finance Leases Operating Leases Total
Remainder of 2020 $ 548  $ 29,370  $ 29,918 
2021 1,450  76,091  77,541 
2022 1,570  73,899  75,469 
2023 1,449  71,855  73,304 
2024 1,469  69,883  71,352 
Thereafter 11,686  396,286  407,972 
Total future lease liability $ 18,172  $ 717,384  $ 735,556 
Less imputed interest 4,384  218,389  222,773 
Fair value of lease liability $ 13,788  $ 498,995  $ 512,783 
Supplemental cash flow related to leases
Supplemental cash flow information related to leases is as follows (in thousands, except other information):
Forty Weeks Ended
October 4, 2020 October 6, 2019
Cash flows from operating activities
Cash paid related to lease liabilities
Operating leases $ 33,034  $ 58,930 
Finance leases 412  383 
Cash flows from financing activities
Cash paid related to lease liabilities
Finance leases 196  686 
Cash paid for amounts included in the measurement of lease liabilities: $ 33,642  $ 59,999 
Right of use assets obtained in exchange for operating lease obligations $ 31,731  $ 10,396 
Right of use assets obtained in exchange for finance lease obligations $ 4,581  $ 1,669 
Other information related to operating leases as follows:
Weighted average remaining lease term 10.33 years 10.84 years
Weighted average discount rate 7.12  % 7.33  %
Other information related to finance leases as follows:
Weighted average remaining lease term 11.93 years 11.63 years
Weighted average discount rate 4.93  % 4.71  %