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Leases | 4 Months Ended
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Apr. 24, 2021
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 Sixteen Weeks Ended |
|  | April 24, 2021 |  |  | April 18, 2020 |
Lease modifications and renewals |  | $ | 34,325 |  |  | $ | 2,555 |
Lease impairments |  | $ | — |  |  | $ | 90 |
Lease terminations |  | $ | 317 |  |  | $ | 110 |
The lease modifications and renewals include $28.9 million related to a five year extension for one of our freezer storage leases. Lease costs incurred by lease type, and/or type of payment, and other supplemental quantitative disclosures as of and for the sixteen weeks ended April 24, 2021 and April 18, 2020 were as follows (amounts in thousands):
|  | For the Sixteen Weeks Ended |
|  | April 24, 2021 |  |  | April 18, 2020 |
Lease cost: |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 542 |  |  | $ | 2,303 |
Interest on lease liabilities |  |  | 54 |  |  |  | 286 |
Operating lease cost |  |  | 21,433 |  |  |  | 22,129 |
Short-term lease cost |  |  | 951 |  |  |  | 596 |
Variable lease cost |  |  | 6,886 |  |  |  | 7,812 |
Total lease cost |  | $ | 29,866 |  |  | $ | 33,126 |
|  | For the Sixteen Weeks Ended |
|  | April 24, 2021 |  |  | April 18, 2020 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from financing leases |  | $ | 54 |  |  | $ | 286 |
Operating cash flows from operating leases |  | $ | 18,348 |  |  | $ | 23,299 |
Financing cash flows from financing leases |  | $ | 423 |  |  | $ | 2,180 |
Right-of-use assets obtained in exchange for new financing lease liabilities |  | $ | — |  |  | $ | 40 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | $ | 34,554 |  |  | $ | 2,522 |
Weighted-average remaining lease term (years): |  |  |  |
Financing leases |  |  | 2.8 |
Operating leases |  |  | 8.9 |
Weighted-average IBR (percentage): |  |  |  |
Financing leases |  |  | 3.5 |
Operating leases |  |  | 3.9 |
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 April 24, 2021 (in thousands) were as follows:
|  | Operating lease liabilities |  |  | Financing lease liabilities |
Remainder of 2021 |  | $ | 50,758 |  |  | $ | 1,429 |
2022 |  |  | 58,838 |  |  |  | 1,747 |
2023 |  |  | 53,795 |  |  |  | 1,886 |
2024 |  |  | 45,780 |  |  |  | 74 |
2025 |  |  | 44,027 |  |  |  | 3 |
2026 and thereafter |  |  | 172,818 |  |  |  | — |
Total minimum lease payments |  |  | 426,016 |  |  |  | 5,139 |
Less: amount of lease payments representing interest |  |  | (70,807 | ) |  |  | (230 | )
Present value of future minimum lease payments |  |  | 355,209 |  |  |  | 4,909 |
Less: current obligations under leases |  |  | (49,485 | ) |  |  | (1,760 | )
Long-term lease obligations |  | $ | 305,724 |  |  | $ | 3,149 |

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