XML 35 R24.htm IDEA: XBRL DOCUMENT
v3.21.2

LEASES | 9 Months Ended
--- | ---
Sep. 25, 2021
Leases [Abstract] |
LEASES | LEASES Operating and Finance Leases Right-of-use lease assets and lease liabilities are reported in the Company’s unaudited condensed consolidated balance sheets as follows:
| September 25, 2021 |  | December 26, 2020
| (in thousands)
Operating leases |  |  |
Operating lease right-of-use assets, net | $ | 284,722 |  |  | $ | 178,220 |
Other current liabilities | $ | 31,731 |  |  | $ | 24,674 |
Operating lease right-of-use liabilities | 244,012 |  |  | 155,595 |
Total operating lease liabilities | $ | 275,743 |  |  | $ | 180,269 |
Finance leases |  |  |
Property, plant and equipment, net | $ | 30,389 |  |  | $ | 31,614 |
Current portion of long-term debt and finance leases | $ | 2,170 |  |  | $ | 3,018 |
Long-term debt, net and finance leases | 25,817 |  |  | 26,029 |
Total finance lease liabilities | $ | 27,987 |  |  | $ | 29,047 |
Certain operating lease right-of-use assets and liabilities were reclassified to assets and liabilities held for sale as of September 25, 2021, respectively, in connection with two divestitures that occurred on October 12, 2021. Refer to Note 18 “Subsequent Events” for additional information. The components of operating and finance lease costs were as follows:
| Three Months Ended |  | Nine Months Ended
| September 25, 2021 |  | September 26, 2020 |  | September 25, 2021 |  | September 26, 2020
| (in thousands)
Operating lease costs | $ | 12,697 |  |  | $ | 8,416 |  |  | $ | 33,073 |  |  | $ | 24,387 |
Finance lease costs: |  |  |  |  |  |  |
Amortization of right-of-use assets | 846 |  |  | 966 |  |  | 2,534 |  |  | 2,853 |
Interest on lease liabilities | 317 |  |  | 323 |  |  | 972 |  |  | 986 |
Short-term lease costs | 1,335 |  |  | 530 |  |  | 3,617 |  |  | 1,644 |
Variable lease costs | 1,184 |  |  | 1,556 |  |  | 2,819 |  |  | 3,669 |
Sublease income | (521) |  |  | (440) |  |  | (1,475) |  |  | (1,216) |
Total lease costs | $ | 15,858 |  |  | $ | 11,351 |  |  | $ | 41,540 |  |  | $ | 32,323 |
Other information related to leases was as follows: Supplemental cash flow information
| Nine Months Ended
| September 25, 2021 |  | September 26, 2020
| (in thousands)
Cash flows included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 29,346 |  |  | $ | 21,959 |
Operating cash flows from finance leases | 974 |  |  | 986 |
Finance cash flows from finance leases | 1,822 |  |  | 3,474 |
Non-cash leases activity: |  |  |
Right-of-use lease assets obtained in exchange for new operating lease liabilities | $ | 121,365 |  |  | $ | 50,491 |
Right-of-use lease assets obtained in exchange for new finance lease liabilities | 930 |  |  | 735 |
Lease term and discount rate
|  | As of |  | As of
|  | September 25, 2021 |  | September 26, 2020
Weighted-average remaining lease term (in years) |  |  |  |
Operating lease |  | 9.0 |  | 8.2
Finance lease |  | 12.0 |  | 12.6
Weighted-average discount rate |  |  |  |
Operating lease |  | 3.6 | % |  | 4.2 | %
Finance lease |  | 4.5 | % |  | 4.5 | %
At the lease commencement date, the discount rate implicit in the lease is used to discount the lease liability if readily determinable. If not readily determinable or leases do not contain an implicit rate, the Company’s incremental borrowing rate is used as the discount rate, which is based on the information available at the lease commencement date and represents a rate that would be incurred to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in a similar economic environment. As of September 25, 2021, maturities of operating and finance lease liabilities for each of the following five years and a total thereafter were as follows:
|  | Operating Leases |  | Finance Leases
|  | (in thousands)
2021 (excluding the nine months ended September 25, 2021) |  | $ | 10,546 |  |  | $ | 1,034 |
2022 |  | 41,917 |  |  | 3,844 |
2023 |  | 39,020 |  |  | 3,474 |
2024 |  | 37,415 |  |  | 3,242 |
2025 |  | 35,204 |  |  | 2,965 |
Thereafter |  | 163,850 |  |  | 21,885 |
Total minimum future lease payments |  | 327,952 |  |  | 36,444 |
Less: Imputed interest |  | 52,209 |  |  | 8,457 |
Total lease liabilities |  | $ | 275,743 |  |  | $ | 27,987 |
The above table excludes certain operating lease obligations related to the two divestitures completed on October 12, 2021. Refer to Note 18 “Subsequent Events” for additional information. Total minimum future lease payments (predominantly operating leases) of approximately $129 million for leases that have not commenced as of September 25, 2021, as the Company does not yet control the underlying assets, are not included in the unaudited condensed consolidated financial statements. These leases are expected to commence between fiscal years 2021 and 2024 with lease terms of approximately 8 to 15 years.
LEASES | LEASES Operating and Finance Leases Right-of-use lease assets and lease liabilities are reported in the Company’s unaudited condensed consolidated balance sheets as follows:
| September 25, 2021 |  | December 26, 2020
| (in thousands)
Operating leases |  |  |
Operating lease right-of-use assets, net | $ | 284,722 |  |  | $ | 178,220 |
Other current liabilities | $ | 31,731 |  |  | $ | 24,674 |
Operating lease right-of-use liabilities | 244,012 |  |  | 155,595 |
Total operating lease liabilities | $ | 275,743 |  |  | $ | 180,269 |
Finance leases |  |  |
Property, plant and equipment, net | $ | 30,389 |  |  | $ | 31,614 |
Current portion of long-term debt and finance leases | $ | 2,170 |  |  | $ | 3,018 |
Long-term debt, net and finance leases | 25,817 |  |  | 26,029 |
Total finance lease liabilities | $ | 27,987 |  |  | $ | 29,047 |
Certain operating lease right-of-use assets and liabilities were reclassified to assets and liabilities held for sale as of September 25, 2021, respectively, in connection with two divestitures that occurred on October 12, 2021. Refer to Note 18 “Subsequent Events” for additional information. The components of operating and finance lease costs were as follows:
| Three Months Ended |  | Nine Months Ended
| September 25, 2021 |  | September 26, 2020 |  | September 25, 2021 |  | September 26, 2020
| (in thousands)
Operating lease costs | $ | 12,697 |  |  | $ | 8,416 |  |  | $ | 33,073 |  |  | $ | 24,387 |
Finance lease costs: |  |  |  |  |  |  |
Amortization of right-of-use assets | 846 |  |  | 966 |  |  | 2,534 |  |  | 2,853 |
Interest on lease liabilities | 317 |  |  | 323 |  |  | 972 |  |  | 986 |
Short-term lease costs | 1,335 |  |  | 530 |  |  | 3,617 |  |  | 1,644 |
Variable lease costs | 1,184 |  |  | 1,556 |  |  | 2,819 |  |  | 3,669 |
Sublease income | (521) |  |  | (440) |  |  | (1,475) |  |  | (1,216) |
Total lease costs | $ | 15,858 |  |  | $ | 11,351 |  |  | $ | 41,540 |  |  | $ | 32,323 |
Other information related to leases was as follows: Supplemental cash flow information
| Nine Months Ended
| September 25, 2021 |  | September 26, 2020
| (in thousands)
Cash flows included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 29,346 |  |  | $ | 21,959 |
Operating cash flows from finance leases | 974 |  |  | 986 |
Finance cash flows from finance leases | 1,822 |  |  | 3,474 |
Non-cash leases activity: |  |  |
Right-of-use lease assets obtained in exchange for new operating lease liabilities | $ | 121,365 |  |  | $ | 50,491 |
Right-of-use lease assets obtained in exchange for new finance lease liabilities | 930 |  |  | 735 |
Lease term and discount rate
|  | As of |  | As of
|  | September 25, 2021 |  | September 26, 2020
Weighted-average remaining lease term (in years) |  |  |  |
Operating lease |  | 9.0 |  | 8.2
Finance lease |  | 12.0 |  | 12.6
Weighted-average discount rate |  |  |  |
Operating lease |  | 3.6 | % |  | 4.2 | %
Finance lease |  | 4.5 | % |  | 4.5 | %
At the lease commencement date, the discount rate implicit in the lease is used to discount the lease liability if readily determinable. If not readily determinable or leases do not contain an implicit rate, the Company’s incremental borrowing rate is used as the discount rate, which is based on the information available at the lease commencement date and represents a rate that would be incurred to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in a similar economic environment. As of September 25, 2021, maturities of operating and finance lease liabilities for each of the following five years and a total thereafter were as follows:
|  | Operating Leases |  | Finance Leases
|  | (in thousands)
2021 (excluding the nine months ended September 25, 2021) |  | $ | 10,546 |  |  | $ | 1,034 |
2022 |  | 41,917 |  |  | 3,844 |
2023 |  | 39,020 |  |  | 3,474 |
2024 |  | 37,415 |  |  | 3,242 |
2025 |  | 35,204 |  |  | 2,965 |
Thereafter |  | 163,850 |  |  | 21,885 |
Total minimum future lease payments |  | 327,952 |  |  | 36,444 |
Less: Imputed interest |  | 52,209 |  |  | 8,457 |
Total lease liabilities |  | $ | 275,743 |  |  | $ | 27,987 |
The above table excludes certain operating lease obligations related to the two divestitures completed on October 12, 2021. Refer to Note 18 “Subsequent Events” for additional information. Total minimum future lease payments (predominantly operating leases) of approximately $129 million for leases that have not commenced as of September 25, 2021, as the Company does not yet control the underlying assets, are not included in the unaudited condensed consolidated financial statements. These leases are expected to commence between fiscal years 2021 and 2024 with lease terms of approximately 8 to 15 years.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration