Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.21.1
Leases
4 Months Ended
Apr. 18, 2021
Leases [Abstract]  
Leases Leases
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 April 18, 2021 and December 27, 2020 as follows (in thousands):
April 18, 2021 Finance Operating Total
Right of use assets, net $ 9,362  $ 417,820  $ 427,182 
Current portion of lease obligations 856  50,513  51,369 
Long-term portion of lease obligations 10,642  453,087  463,729 
Total $ 11,498  $ 503,600  $ 515,098 
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):
Sixteen Weeks Ended
April 18, 2021 April 19, 2020
Operating lease cost $ 21,461  $ 21,990 
Finance lease cost:
Amortization of right of use assets 263  203
Interest on lease liabilities 159  138
Total finance lease cost 422 $ 341 
Variable lease cost 6,416  8,317 
Total $ 28,299  $ 30,648 
Maturities of our lease liabilities as of April 18, 2021 were as follows (in thousands):
Finance Leases Operating Leases Total
Remainder of 2021 $ 902  $ 56,528  $ 57,430 
2022 1,327  78,064  79,391 
2023 1,244  74,897  76,141 
2024 1,264  72,696  73,960 
2025 1,283  67,940  69,223 
Thereafter 8,784  364,706  373,490 
Total future lease liability $ 14,804  $ 714,831  $ 729,635 
Less imputed interest 3,306  211,231  214,537 
Fair value of lease liability $ 11,498  $ 503,600  $ 515,098 
Supplemental cash flow and other information related to leases is as follows (in thousands, except other information):
Sixteen Weeks Ended
April 18, 2021 April 19, 2020
Cash flows from operating activities
Cash paid related to lease liabilities
Operating leases $ 27,998  $ 12,683 
Finance leases 159  138 
Cash flows from financing activities
Cash paid related to lease liabilities
Finance leases 599  — 
Cash paid for amounts included in the measurement of lease liabilities: $ 28,756  $ 12,821 
Right of use assets obtained in exchange for operating lease obligations $ 13,448  $ 2,311 
Other information related to operating leases as follows:
Weighted average remaining lease term (years) 10.1 years 10.5 years
Weighted average discount rate 6.96  % 7.38  %
Other information related to finance leases as follows:
Weighted average remaining lease term (years) 11.5 years 12.1 years
Weighted average discount rate 4.56  % 4.86  %