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Leases | 9 Months Ended
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Oct. 07, 2023
Leases [Abstract] |
Leases | 5. 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 terminations (amounts in thousands):
|  | For the Twelve Weeks Ended |  |  | For the Forty Weeks Ended |
|  | October 7, 2023 |  |  | October 8, 2022 |  |  | October 7, 2023 |  |  | October 8, 2022 |
Lease modifications and renewals |  | $ | 3,820 |  |  | $ | 3,353 |  |  | $ | 28,585 |  |  | $ | 22,007 |
Lease terminations |  | $ | 71 |  |  | $ | 155 |  |  | $ | 277 |  |  | $ | 5,883 |
The lease modifications and renewals for the forty weeks ended October 7, 2023 include $10.6 million related to a 10-year extension for a freezer storage lease that occurred during our first quarter of Fiscal 2023. For the forty weeks ended October 8, 2022, the lease modifications and renewals include $11.2 million related to a 10-year extension for a warehouse lease. Lease costs incurred by lease type, and/or type of payment, and other supplemental quantitative disclosures as of and for the twelve and forty weeks ended October 7, 2023 and October 8, 2022 were as follows (amounts in thousands):
|  | For the Twelve Weeks Ended |  |  | For the Forty Weeks Ended |
|  | October 7, 2023 |  |  | October 8, 2022 |  |  | October 7, 2023 |  |  | October 8, 2022 |
Lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 396 |  |  | $ | 394 |  |  | $ | 1,313 |  |  | $ | 1,311 |
Interest on lease liabilities |  |  | 5 |  |  |  | 20 |  |  |  | 30 |  |  |  | 77 |
Operating lease cost |  |  | 14,397 |  |  |  | 13,886 |  |  |  | 48,212 |  |  |  | 48,165 |
Short-term lease cost |  |  | 755 |  |  |  | 748 |  |  |  | 2,367 |  |  |  | 2,121 |
Variable lease cost |  |  | 8,802 |  |  |  | 7,517 |  |  |  | 28,515 |  |  |  | 25,378 |
Total lease cost |  | $ | 24,355 |  |  | $ | 22,565 |  |  | $ | 80,437 |  |  | $ | 77,052 |
|  | For the Forty Weeks Ended |
|  | October 7, 2023 |  |  | October 8, 2022 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from financing leases |  | $ | 30 |  |  | $ | 77 |
Operating cash flows from operating leases |  | $ | 52,134 |  |  | $ | 46,982 |
Financing cash flows from financing leases |  | $ | 1,513 |  |  | $ | 1,306 |
Right-of-use assets obtained in exchange for new financing lease liabilities |  | $ | 21 |  |  | $ | — |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | $ | 28,566 |  |  | $ | 21,357 |
Weighted-average remaining lease term (years): |  |  |
Financing leases |  |  | 0.8 |
Operating leases |  |  | 7.4 |
Weighted-average IBR (percentage): |  |  |
Financing leases |  |  | 3.3 |
Operating leases |  |  | 4.0 |
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 October 7, 2023 (in thousands) were as follows:
|  | Operating lease liabilities |  |  | Financing lease liabilities |
Remainder of 2023 |  | $ | 10,901 |  |  | $ | 294 |
2024 |  |  | 58,910 |  |  |  | 98 |
2025 |  |  | 56,267 |  |  |  | 18 |
2026 |  |  | 39,796 |  |  |  | 7 |
2027 |  |  | 33,465 |  |  |  | 3 |
2028 and thereafter |  |  | 121,566 |  |  |  | — |
Total minimum lease payments |  |  | 320,905 |  |  |  | 420 |
Less: amount of lease payments representing interest |  |  | (49,706 | ) |  |  | (5 | )
Present value of future minimum lease payments |  |  | 271,199 |  |  |  | 415 |
Less: current obligations under leases |  |  | (49,346 | ) |  |  | (381 | )
Long-term lease obligations |  | $ | 221,853 |  |  | $ | 34 |

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