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Leases (Tables) | 3 Months Ended
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Mar. 30, 2019
Leases [Abstract] |
Lease, Cost | The following table summarizes the Company’s classification of lease cost (in thousands):
|  |  |  | Fiscal three months ended
|  | Statement of Income Location |  | March 30, 2019
Finance lease cost: |  |  |  |
Amortization of lease assets |  | Depreciation and amortization |  | $ | 1,045 |
Interest on lease liabilities |  | Interest expense, net |  | 405 |
Operating lease cost |  | Selling, general and administrative expenses |  | 86,221 |
Net lease cost |  |  |  | $ | 87,671 |
Lessee, Operating Lease, Liability, Maturity | The following table summarizes the maturity of the Company’s lease liabilities (in thousands):
|  | Operating Leases (a) |  | Finance Leases |  | Total
2019 |  | $ | 264,822 |  |  | $ | 3,913 |  |  | $ | 268,735 |
2020 |  | 339,005 |  |  | 5,234 |  |  | 344,239 |
2021 |  | 316,891 |  |  | 5,294 |  |  | 322,185 |
2022 |  | 294,032 |  |  | 4,172 |  |  | 298,204 |
2023 |  | 269,281 |  |  | 2,980 |  |  | 272,261 |
After 2023 |  | 1,209,867 |  |  | 20,169 |  |  | 1,230,036 |
Total lease payments |  | 2,693,898 |  |  | 41,762 |  |  | 2,735,660 |
Less: Interest |  | (503,937 | ) |  | (9,743 | ) |  | (513,680 | )
Present value of lease liabilities |  | $ | 2,189,961 |  |  | $ | 32,019 |  |  | $ | 2,221,980 |
(a) Operating lease payments exclude $152.4 million of legally binding minimum lease payments for leases signed, but not yet commenced.
Finance Lease, Liability, Maturity | The following table summarizes the maturity of the Company’s lease liabilities (in thousands):
|  | Operating Leases (a) |  | Finance Leases |  | Total
2019 |  | $ | 264,822 |  |  | $ | 3,913 |  |  | $ | 268,735 |
2020 |  | 339,005 |  |  | 5,234 |  |  | 344,239 |
2021 |  | 316,891 |  |  | 5,294 |  |  | 322,185 |
2022 |  | 294,032 |  |  | 4,172 |  |  | 298,204 |
2023 |  | 269,281 |  |  | 2,980 |  |  | 272,261 |
After 2023 |  | 1,209,867 |  |  | 20,169 |  |  | 1,230,036 |
Total lease payments |  | 2,693,898 |  |  | 41,762 |  |  | 2,735,660 |
Less: Interest |  | (503,937 | ) |  | (9,743 | ) |  | (513,680 | )
Present value of lease liabilities |  | $ | 2,189,961 |  |  | $ | 32,019 |  |  | $ | 2,221,980 |
(a) Operating lease payments exclude $152.4 million of legally binding minimum lease payments for leases signed, but not yet commenced.
Leases, Term and Discount Rate | The following table summarizes the Company’s lease term and discount rate:
|  | March 30, 2019
Weighted-average remaining lease term (years): |  |
Finance leases |  | 9.5 |
Operating leases |  | 9.2 |
Weighted-average discount rate: |  |
Finance leases |  | 5.2 | %
Operating leases |  | 4.4 | %
Leases, Cash Flow Supplemental Disclosure | The following table summarizes the other information related to the Company’s lease liabilities (in thousands):
|  | Fiscal three months ended
|  | March 30, 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |
Financing cash flows from finance leases |  | $ | 897 |
Operating cash flows from finance leases |  | 405 |
Operating cash flows from operating leases |  | 73,465 |
Schedule of Future Minimum Lease Payments for Capital Leases | As of December 29, 2018 future minimum payments, by year and in the aggregate, under leases with initial or remaining terms of one year or more consist of the following (in thousands):
|  | Capital Leases |  | Operating Leases
2019 |  | $ | 5,215 |  |  | $ | 344,836 |
2020 |  | 5,234 |  |  | 328,589 |
2021 |  | 5,294 |  |  | 306,572 |
2022 |  | 4,172 |  |  | 284,327 |
2023 |  | 2,980 |  |  | 260,518 |
Thereafter |  | 20,169 |  |  | 1,175,972 |
Total minimum lease payments |  | 43,064 |  |  | $ | 2,700,814 |
Amount representing interest |  | (10,148 | ) |  |  |
Present value of minimum lease payments |  | 32,916 |  |  |  |
Less: current portion |  | (3,646 | ) |  |  |
Long-term capital lease obligations |  | $ | 29,270 |  |  |  |
Schedule of Future Minimum Rental Payments for Operating Leases | As of December 29, 2018 future minimum payments, by year and in the aggregate, under leases with initial or remaining terms of one year or more consist of the following (in thousands):
|  | Capital Leases |  | Operating Leases
2019 |  | $ | 5,215 |  |  | $ | 344,836 |
2020 |  | 5,234 |  |  | 328,589 |
2021 |  | 5,294 |  |  | 306,572 |
2022 |  | 4,172 |  |  | 284,327 |
2023 |  | 2,980 |  |  | 260,518 |
Thereafter |  | 20,169 |  |  | 1,175,972 |
Total minimum lease payments |  | 43,064 |  |  | $ | 2,700,814 |
Amount representing interest |  | (10,148 | ) |  |  |
Present value of minimum lease payments |  | 32,916 |  |  |  |
Less: current portion |  | (3,646 | ) |  |  |
Long-term capital lease obligations |  | $ | 29,270 |  |  |  |

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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84164817&loc=d3e45280-112737 + Details
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