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Leases, Supplemental Lease Liability (Tables)

12 Months Ended

Dec. 28, 2024

The following table summarizes the Company’s classification of lease cost (in thousands):


		Fiscal Year Ended
	Statement of Income Location	December 28, 2024		December 30, 2023
Finance lease cost:
Amortization of lease assets	Depreciation and amortization	$	3,333	$	3,379
Interest on lease liabilities	Interest expense, net	1,510		1,632
Operating lease cost	Selling, general and administrative expenses	505,855		465,850
Variable lease cost	Selling, general and administrative expenses	105,898		99,044
Net lease cost		$	616,596	$	569,905

The following table summarizes the future maturities of the Company’s lease liabilities (in thousands):


	Operating Leases (a)		Finance Leases		Total
2025	$	536,376	$	4,645	$	541,021
2026	518,234		4,720		522,954
2027	488,434		4,802		493,236
2028	453,738		4,812		458,550
2029	408,260		4,632		412,892
After 2029	2,052,363		13,878		2,066,241
Total lease payments	4,457,405		37,489		4,494,894
Less: Interest	(896,240)		(6,206)		(902,446)
Present value of lease liabilities	$	3,561,165	$	31,283	$	3,592,448

(a) Operating lease payments exclude $387.5 million of legally binding minimum lease payments for leases signed, but not yet commenced.

The following table summarizes the other information related to the Company’s lease liabilities (in thousands):


	Fiscal Year Ended
	December 28, 2024		December 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows used for finance leases	$	4,787	$	4,808
Operating cash flows used for finance leases	1,510		1,632
Operating cash flows for operating leases	508,971		466,748

The following table summarizes the Company’s lease term and discount rate:


	December 28, 2024		December 30, 2023
Weighted-average remaining lease term (years):
Finance leases	8.8		9.6
Operating leases	10.4		10.1
Weighted-average discount rate:
Finance leases	4.6	%	4.7	%
Operating leases	4.2	%	4.1	%