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Leases | 12 Months Ended
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Dec. 28, 2019
Leases [Abstract] |
Leases |
Note 1 4. | Leases
Qualitative disclosures about our leases, including the significant policy elections, can be found in Note 2, Summary of Significant Accounting Policies. The quantitative disclosures are presented below. Lease costs incurred by lease type, and/or type of payment for fiscal 2019 were as follows (in thousands):
|  | Fiscal 2019 |
Lease cost: |  |  |  |
Amortization of right-of-use assets |  | $ | 7,014 |
Interest on lease liabilities |  |  | 994 |
Operating lease cost |  |  | 69,525 |
Short-term lease cost |  |  | 2,630 |
Variable lease cost |  |  | 26,359 |
Total lease cost |  | $ | 106,522 |
Other supplemental quantitative disclosures as of, and for, fiscal 2019 were as follows (in thousands):
|  | Fiscal 2019 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
Operating cash flows from financing leases |  | $ | 994 |
Operating cash flows from operating leases |  | $ | 67,694 |
Financing cash flows from financing leases |  | $ | 5,937 |
Right-of-use assets obtained in exchange for new financing lease liabilities |  | $ | 9,854 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | $ | 44,585 |
Weighted-average remaining lease term (years): |  |  |  |
Financing leases |  |  | 3.6 |
Operating leases |  |  | 9.9 |
Weighted-average IBR (percentage): |  |  |  |
Financing leases |  |  | 3.6 |
Operating leases |  |  | 4.2 |
Estimated undiscounted future lease payments under non-cancelable operating leases and financing leases, along with a reconciliation of the undiscounted cash flows to operating and financing lease liabilities, respectively, as of December 28, 2019 (in thousands) were as follows:
|  | Operating lease liabilities |  |  | Financing lease liabilities |
2020 |  | $ | 67,885 |  |  | $ | 9,032 |
2021 |  |  | 59,529 |  |  |  | 6,687 |
2022 |  |  | 48,784 |  |  |  | 5,390 |
2023 |  |  | 43,703 |  |  |  | 6,412 |
2024 |  |  | 36,179 |  |  |  | 1,415 |
Thereafter |  |  | 210,229 |  |  |  | 689 |
Total minimum lease payments |  |  | 466,309 |  |  |  | 29,625 |
Less: amount of lease payments representing interest |  |  | (89,372 | ) |  |  | (2,059 | )
Present value of future minimum lease payments |  |  | 376,937 |  |  |  | 27,566 |
Less: current obligations under leases |  |  | (52,806 | ) |  |  | (8,176 | )
Long-term lease obligations |  | $ | 324,131 |  |  | $ | 19,390 |
Lease disclosures prior to adoption of the new standard The company leases certain property and equipment under various operating and capital lease arrangements that expire over the next 18 years. The property leases include distribution facilities, thrift store locations, and two manufacturing facilities. The equipment leases include production, sales, distribution, transportation, and office equipment. Initial lease terms range from two to 26 years. Many of the operating leases provide the company with the option, after the initial lease term, either to purchase the property at the then fair value or renew its lease at fair value rents for periods from one month to 10 years. Rent escalations vary in these leases, from no escalation over the initial lease term, to escalations linked to changes in economic variables such as the consumer price index. Rental expense is recognized on a straight-line basis over the terms of the leases. The capital leases are primarily used for distribution vehicle financing and are discussed in Note 16, Variable Interest Entities. Future minimum lease payments under scheduled capital leases that have initial or remaining non-cancelable terms of more than one year as of December 29, 2018 were as follows (amounts in thousands):
|  | Capital Leases |
2019 |  | $ | 6,392 |
2020 |  |  | 3,511 |
2021 |  |  | 4,191 |
2022 |  |  | 2,620 |
2023 |  |  | 2,263 |
Thereafter |  |  | 4,631 |
Total minimum payments |  |  | 23,608 |
Amount representing interest |  |  | (1,666 | )
Obligations under capital leases |  |  | 21,942 |
Obligations due within one year |  |  | (5,896 | )
Long-term obligations under capital leases |  | $ | 16,046 |
The table below presents the total future minimum lease payments under scheduled operating leases that had initial or remaining non-cancelable terms more than one year as of December 29, 2018 (amounts in thousands):
|  | Operating Leases |
2019 |  | $ | 65,071 |
2020 |  |  | 60,378 |
2021 |  |  | 50,744 |
2022 |  |  | 44,798 |
2023 |  |  | 36,308 |
Thereafter |  |  | 232,423 |
Total minimum payments |  | $ | 489,722 |
Rent expense for all operating leases for fiscal 2018 and fiscal 2017 was as follows (amounts in thousands):
|  | Rent expense |
Fiscal 2018 |  | $ | 90,660 |
Fiscal 2017 |  | $ | 95,014 |

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