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Leases (Tables) | 6 Months Ended
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Jun. 29, 2019
Leases [Abstract] |
Lease, Cost | The following table summarizes the Company’s classification of lease cost (in thousands):
|  |  |  | Fiscal Three Months Ended |  | Fiscal Six Months Ended
|  | Statement of Income Location |  | June 29, 2019 |  | June 29, 2019
Finance lease cost: |  |  |  |  |  |
Amortization of lease assets |  | Depreciation and amortization |  | $ | 1,045 |  |  | $ | 2,090 |
Interest on lease liabilities |  | Interest expense, net |  | 395 |  |  | 800 |
Operating lease cost |  | Selling, general and administrative expenses |  | 87,797 |  |  | 174,018 |
Variable lease cost |  | Selling, general and administrative expenses |  | 18,806 |  |  | 37,151 |
Net lease cost |  |  |  | $ | 108,043 |  |  | $ | 214,059 |
Lessee, Operating Lease, Future Maturity of Lease Liabilities | The following table summarizes the future maturities of the Company’s lease liabilities (in thousands):
|  | Operating Leases (a) |  | Finance Leases |  | Total
2019 (b) |  | $ | 179,491 |  |  | $ | 2,610 |  |  | $ | 182,101 |
2020 |  | 347,852 |  |  | 5,234 |  |  | 353,086 |
2021 |  | 326,494 |  |  | 5,294 |  |  | 331,788 |
2022 |  | 302,676 |  |  | 4,172 |  |  | 306,848 |
2023 |  | 277,599 |  |  | 2,980 |  |  | 280,579 |
After 2023 |  | 1,256,672 |  |  | 20,169 |  |  | 1,276,841 |
Total lease payments |  | 2,690,784 |  |  | 40,459 |  |  | 2,731,243 |
Less: Interest |  | (497,710 | ) |  | (9,348 | ) |  | (507,058 | )
Present value of lease liabilities |  | $ | 2,193,074 |  |  | $ | 31,111 |  |  | $ | 2,224,185 |
(a) Operating lease payments exclude $192.4 million of legally binding minimum lease payments for leases signed, but not yet commenced. (b) Excluding the six-month period ended June 29, 2019.
Finance Lease, Liability, Future Maturity of Lease Liabilities | The following table summarizes the future maturities of the Company’s lease liabilities (in thousands):
|  | Operating Leases (a) |  | Finance Leases |  | Total
2019 (b) |  | $ | 179,491 |  |  | $ | 2,610 |  |  | $ | 182,101 |
2020 |  | 347,852 |  |  | 5,234 |  |  | 353,086 |
2021 |  | 326,494 |  |  | 5,294 |  |  | 331,788 |
2022 |  | 302,676 |  |  | 4,172 |  |  | 306,848 |
2023 |  | 277,599 |  |  | 2,980 |  |  | 280,579 |
After 2023 |  | 1,256,672 |  |  | 20,169 |  |  | 1,276,841 |
Total lease payments |  | 2,690,784 |  |  | 40,459 |  |  | 2,731,243 |
Less: Interest |  | (497,710 | ) |  | (9,348 | ) |  | (507,058 | )
Present value of lease liabilities |  | $ | 2,193,074 |  |  | $ | 31,111 |  |  | $ | 2,224,185 |
(a) Operating lease payments exclude $192.4 million of legally binding minimum lease payments for leases signed, but not yet commenced. (b) Excluding the six-month period ended June 29, 2019.
Leases, Term and Discount Rate | The following table summarizes the Company’s lease term and discount rate:
|  | June 29, 2019
Weighted-average remaining lease term (years): |  |
Finance leases |  | 9.4 |
Operating leases |  | 8.9 |
Weighted-average discount rate: |  |
Finance leases |  | 5.3 | %
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 |  | Fiscal Six Months Ended
|  | June 29, 2019 |  | June 29, 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Financing cash flows from finance leases |  | $ | 908 |  |  | $ | 1,805 |
Operating cash flows from finance leases |  | 395 |  |  | 800 |
Operating cash flows from operating leases |  | 89,515 |  |  | 162,980 |
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 consisted 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 consisted 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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