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Leases - USD ($) $ in Thousands | 12 Months Ended |
--- | --- | ---
Dec. 26, 2020 | Dec. 29, 2018 | Dec. 28, 2019
Leases [Abstract] |  |  |
Leases | Leases: The Company leases the majority of its retail store locations, two distribution sites, its Merchandise Innovation Center, and certain equipment under various non-cancellable operating leases. The leases have varying terms and expire at various dates through 2038. Store leases typically have initial terms of between 10 and 15 years, with two to four optional renewal periods of five years each. The exercise of lease renewal options is at our sole discretion. The Company has included lease renewal options in the lease term for calculations of its right-of-use assets and liabilities when it is reasonably certain that the Company plans to renew these leases. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company accounts for lease components (e.g., fixed payments including rent, real estate taxes, and insurance costs) together with non-lease components (e.g., fixed payment common-area maintenance) as a single component for all classes of underlying assets. Certain lease agreements require variable payments based upon actual costs of common-area maintenance, real estate taxes, and insurance. Further, certain lease agreements require variable payments based upon store sales above agreed-upon sales levels for the year and others require payments adjusted periodically for inflation. As substantially all of our leases do not provide an implicit rate, we estimate our collateralized incremental borrowing rate based upon a Company specific credit rating and yield curve analysis at commencement or modification date in determining the present value of lease payments. The Company has elected not to recognize leases with an original term of one year or less on the balance sheet. Short-term lease cost during the periods presented was immaterial. In addition to the operating lease right-of-use assets presented on the Consolidated Balance Sheets, assets, net of accumulated amortization, under finance leases of $33.5 million and $30.9 million are recorded within the Property and equipment, net line on the Consolidated Balance Sheets as of December 26, 2020 and December 28, 2019, respectively. The following table summarizes the Company’s classification of lease cost (in thousands):
|  |  |  | Fiscal Year Ended
|  | Statement of Income Location |  | December 26, 2020 |  | December 28, 2019
Finance lease cost: |  |  |  |  |  |
Amortization of lease assets |  | Depreciation and amortization |  | $ | 4,765 |  |  | $ | 4,281 |
Interest on lease liabilities |  | Interest expense, net |  | 1,765 |  |  | 1,629 |
Operating lease cost |  | Selling, general and administrative expenses |  | 379,318 |  |  | 353,961 |
Variable lease cost |  | Selling, general and administrative expenses |  | 80,154 |  |  | 73,768 |
Net lease cost |  |  |  | $ | 466,002 |  |  | $ | 433,639 |
The following table summarizes the future maturities of the Company’s lease liabilities (in thousands):
|  | Operating Leases (a) |  | Finance Leases |  | Total
2021 |  | $ | 394,576 |  |  | $ | 6,269 |  |  | $ | 400,845 |
2022 |  | 377,051 |  |  | 5,243 |  |  | 382,294 |
2023 |  | 356,641 |  | 4,051 |  | 360,692
2024 |  | 327,663 |  | 4,066 |  | 331,729
2025 |  | 297,827 |  | 3,994 |  | 301,821
After 2025 |  | 1,285,285 |  | 24,503 |  | 1,309,788
Total lease payments |  | 3,039,043 |  | 48,126 |  | 3,087,169
Less: Interest |  | (519,443) |  |  | (10,476) |  |  | (529,919) |
Present value of lease liabilities |  | $ | 2,519,600 |  |  | $ | 37,650 |  |  | $ | 2,557,250 |
(a) Operating lease payments exclude $174.1 million of legally binding minimum lease payments for leases signed, but not yet commenced. The following table summarizes the Company’s lease term and discount rate:
|  | December 26, 2020 |  | December 28, 2019
Weighted-average remaining lease term (years): |  |  |  |
Finance leases |  | 10.4 |  | 10.0
Operating leases |  | 9.1 |  | 9.0
Weighted-average discount rate: |  |  |  |
Finance leases |  | 4.9 | % |  | 5.1 | %
Operating leases |  | 4.1 | % |  | 4.3 | %
The following table summarizes the other information related to the Company’s lease liabilities (in thousands):
|  | Fiscal Year Ended
|  | December 26, 2020 |  | December 28, 2019
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Financing cash flows used for finance leases |  | $ | 4,170 |  |  | $ | 3,709 |
Operating cash flows used for finance leases |  | 1,765 |  |  | 1,629 |
Operating cash flows for operating leases |  | 385,529 |  |  | 360,580 |
The Company adopted new lease accounting guidance in the first quarter of fiscal 2019, as discussed in Note 1 to the Consolidated Financial Statements, and as required, the following disclosure is provided for periods prior to adoption. Total rent expense was approximately $342.2 million for fiscal 2018. Total contingent rent expense was insignificant for fiscal 2018. |  |
Lease Term Expiration Through Date | 2038 |  |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | $ 33,500 |  | $ 30,900
Operating Leases, Rent Expense, Net |  | $ 342,200 |

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- Definition Amount, after accumulated amortization, of right-of-use asset from finance lease. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 45 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121603541&loc=SL77918627-209977 + Details
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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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- Definition Rental expense for the reporting period incurred under operating leases, including minimum and any contingent rent expense, net of related sublease income. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121573735&loc=d3e41499-112717 + Details
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