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Leases
3 Months Ended
Apr. 02, 2019
Leases  
Leases

4.  Leases

Components of lease expense were as follows (in thousands):

 

 

 

 

 

 

    

Thirteen weeks ended

 

 

April 2, 2019

Operating

 

$

26,427

Variable

 

 

16,335

Short-term

 

 

77

Total

 

$

42,839

 

Rent expense on all operating leases (under ASC 840) was as follows (in thousands):

 

 

 

 

 

 

    

Thirteen weeks ended

 

 

April 3, 2018

Straight-lined minimum base rent

 

$

20,747

Contingent rent

 

 

5,095

Common area maintenance and taxes

 

 

9,929

Total

 

$

35,771

 

Supplemental cash flow information related to leases (in thousands, except percentages):

 

 

 

 

 

 

 

    

Thirteen weeks ended

 

 

 

April 2, 2019

 

Cash paid for amounts included in the measurement of lease liabilities

 

 

 

 

Operating cash flows from operating leases

 

$

24,213

 

 

 

 

 

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

 

5,768

 

Weighted-average remaining lease term — operating leases (in years)

 

 

17.2

 

Weighted-average discount rate — operating leases

 

 

5.2

%

 

As of April 2, 2019, the maturities of our operating lease liabilities are as follows (in thousands):

 

 

 

 

 

2019

 

$

73,887

2020

 

 

97,801

2021

 

 

95,773

2022

 

 

94,253

2023

 

 

93,107

Thereafter

 

 

1,174,579

Total future lease payments

 

$

1,629,400

Less: Interest

 

 

589,463

Present value of lease liabilities

 

$

1,039,937

 

As of January 1, 2019, the aggregate minimum annual lease payments under operating leases (under ASC 840), including amounts characterized as deemed landlord financing payments, were as follows (in thousands):

 

 

 

 

 

2019

    

$

93,792

2020

 

 

91,808

2021

 

 

88,829

2022

 

 

86,925

2023

 

 

81,929

Thereafter

 

 

495,091

Total

 

$

938,374