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Leases (Tables)

6 Months Ended

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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-SubTopic 20
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