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Leases | 12 Months Ended
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Jan. 01, 2022
Leases [Abstract] |
Leases |
Note 1 3. | 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 2021, 2020 and 2019 were as follows (in thousands):
|  | Fiscal 2021 |  |  | Fiscal 2020 |  |  | Fiscal 2019 |
Lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 1,751 |  |  | $ | 7,190 |  |  | $ | 7,014 |
Interest on lease liabilities |  |  | 154 |  |  |  | 846 |  |  |  | 994 |
Operating lease cost |  |  | 68,927 |  |  |  | 69,926 |  |  |  | 69,525 |
Short-term lease cost |  |  | 3,075 |  |  |  | 3,058 |  |  |  | 2,630 |
Variable lease cost |  |  | 27,120 |  |  |  | 24,815 |  |  |  | 26,359 |
Total lease cost |  | $ | 101,027 |  |  | $ | 105,835 |  |  | $ | 106,522 |
Other supplemental quantitative disclosures as of, and for, Fiscal 2021 and Fiscal 2020 were as follows (in thousands):
|  | Fiscal 2021 |  |  | Fiscal 2020 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from financing leases |  | $ | 154 |  |  | $ | 846 |
Operating cash flows from operating leases |  | $ | 68,802 |  |  | $ | 74,226 |
Financing cash flows from financing leases |  | $ | 1,745 |  |  | $ | 6,715 |
Right-of-use assets obtained in exchange for new financing lease liabilities |  | $ | 37 |  |  | $ | 79 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | $ | 55,869 |  |  | $ | 16,022 |
Weighted-average remaining lease term (years): |  |  |  |  |  |  |  |
Financing leases |  |  | 2.1 |  |  |  | 3.1 |
Operating leases |  |  | 8.3 |  |  |  | 9.4 |
Weighted-average IBR (percentage): |  |  |  |  |  |  |  |
Financing leases |  |  | 3.5 |  |  |  | 3.5 |
Operating leases |  |  | 3.8 |  |  |  | 4.1 |
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 January 1, 2022 (in thousands) were as follows:
|  | Operating lease liabilities |  |  | Financing lease liabilities |
2022 |  | $ | 56,925 |  |  | $ | 1,691 |
2023 |  |  | 53,900 |  |  |  | 1,828 |
2024 |  |  | 45,269 |  |  |  | 101 |
2025 |  |  | 42,386 |  |  |  | — |
2026 |  |  | 28,591 |  |  |  | — |
Thereafter |  |  | 127,734 |  |  |  | — |
Total minimum lease payments |  |  | 354,805 |  |  |  | 3,620 |
Less: amount of lease payments representing interest |  |  | (57,777 | ) |  |  | (126 | )
Present value of future minimum lease payments |  |  | 297,028 |  |  |  | 3,494 |
Less: current obligations under leases |  |  | (46,390 | ) |  |  | (1,584 | )
Long-term lease obligations |  | $ | 250,638 |  |  | $ | 1,910 |
The following table details lease modifications and renewals and lease impairments (amounts in thousands):
|  | Fiscal 2021 |  |  | Fiscal 2020 |
Lease modifications and renewals |  | $ | 46,790 |  |  | $ | 13,818 |
Lease impairments |  |  | — |  |  | $ | 11,400 |
Lease terminations |  | $ | 41,610 |  |  | $ | 14,817 |
During Fiscal 2021, the company purchased twenty-seven warehouses that were included in the company’s operating leased assets for $64.7 million. Two of the purchased properties were fully impaired in Fiscal 2020, resulting in the recognition of a $2.6 million gain upon completion of the purchase of these assets and this amount is included in the selling, distribution, and administrative expenses line items of the Consolidated Statements of Income. The carrying values for the remaining twenty-five leases, totaling $35.4 million, are included in the ‘Lease terminations’ line above.

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