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Leases | 6 Months Ended
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Jul. 11, 2020
Leases [Abstract] |
Leases | 4. LEASES The company’s leases consist of the following types of assets: two bakeries, corporate office space, warehouses, bakery equipment, transportation and IT equipment. The quantitative disclosures for our leases follow below. The following table details lease modifications and renewals and lease impairments (amounts in thousands):
|  | For the Twelve Weeks Ended |  |  | For the Twenty-Eight Weeks Ended |
|  | July 11, 2020 |  |  | July 13, 2019 |  |  | July 11, 2020 |  |  | July 13, 2019 |
Lease modifications and renewals |  | $ | 4,266 |  |  | $ | 3,606 |  |  | $ | 6,821 |  |  | $ | 4,933 |
Lease impairments |  |  | — |  |  |  | — |  |  |  | 90 |  |  |  | — |
Lease costs incurred by lease type, and/or type of payment, and other supplemental quantitative disclosures as of and for the twenty-eight weeks ended July 11, 2020 and July 13, 2019 were as follows (amounts in thousands):
|  | For the Twelve Weeks Ended |  |  | For the Twenty-Eight Weeks Ended |
|  | July 11, 2020 |  |  | July 13, 2019 |  |  | July 11, 2020 |  |  | July 13, 2019 |
Lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 1,726 |  |  | $ | 1,541 |  |  | $ | 4,029 |  |  | $ | 3,599 |
Interest on lease liabilities |  |  | 201 |  |  |  | 219 |  |  |  | 487 |  |  |  | 532 |
Operating lease cost |  |  | 16,552 |  |  |  | 16,316 |  |  |  | 38,681 |  |  |  | 37,680 |
Short-term lease cost |  |  | 556 |  |  |  | 548 |  |  |  | 1,152 |  |  |  | 1,362 |
Variable lease cost |  |  | 5,223 |  |  |  | 6,086 |  |  |  | 13,035 |  |  |  | 13,991 |
Total lease cost |  | $ | 24,258 |  |  | $ | 24,710 |  |  | $ | 57,384 |  |  | $ | 57,164 |
|  | For the Twenty-Eight Weeks Ended |
|  | July 11, 2020 |  |  | July 13, 2019 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from financing leases |  | $ | 487 |  |  | $ | 532 |
Operating cash flows from operating leases |  | $ | 40,567 |  |  | $ | 38,971 |
Financing cash flows from financing leases |  | $ | 3,900 |  |  | $ | 3,303 |
Right-of-use assets obtained in exchange for new financing lease liabilities |  | $ | 43 |  |  | $ | 7,177 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | $ | 6,957 |  |  | $ | 16,633 |
Weighted-average remaining lease term (years): |  |  |  |
Financing leases |  |  | 3.2 |
Operating leases |  |  | 9.6 |
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 July 11, 2020 (in thousands) were as follows:
|  | Operating lease liabilities |  |  | Financing lease liabilities |
Remainder of 2020 |  | $ | 34,426 |  |  | $ | 4,758 |
2021 |  |  | 61,557 |  |  |  | 6,780 |
2022 |  |  | 50,411 |  |  |  | 5,476 |
2023 |  |  | 45,204 |  |  |  | 6,505 |
2024 |  |  | 37,644 |  |  |  | 1,501 |
2025 and thereafter |  |  | 212,132 |  |  |  | 720 |
Total minimum lease payments |  |  | 441,374 |  |  |  | 25,740 |
Less: amount of lease payments representing interest |  |  | (81,289 | ) |  |  | (1,599 | )
Present value of future minimum lease payments |  |  | 360,085 |  |  |  | 24,141 |
Less: current obligations under leases |  |  | (52,232 | ) |  |  | (7,469 | )
Long-term lease obligations |  | $ | 307,853 |  |  | $ | 16,672 |

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