Leases

4 Months Ended

Apr. 19, 2025

6. LEASES

The company’s leases consist of the following types of assets: two bakeries, corporate office space, warehouses, bakery equipment, transportation, and IT equipment. See below for the quantitative disclosures for our leases:

The following table details lease modifications and renewals and lease terminations (amounts in thousands):


	For the Sixteen Weeks Ended
	April 19, 2025		April 20, 2024
Lease modifications and renewals	$	6,980	$	16,465
Lease terminations	$	55	$	1,331

The lease modifications and renewals for the sixteen weeks ended April 19, 2025 and April 20, 2024 include renewals of multiple warehouse 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 19, 2025 and April 20, 2024, respectively, were as follows (amounts in thousands):


	For the Sixteen Weeks Ended
	April 19, 2025		April 20, 2024
Lease cost:
Amortization of right-of-use assets	$	21	$	87
Interest on lease liabilities		2		2
Operating lease cost		27,806		21,079
Short-term lease cost		3,669		703
Variable lease cost		11,972		13,777
Total lease cost	$	43,470	$	35,648


	For the Sixteen Weeks Ended
	April 19, 2025		April 20, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from financing leases	$	2	$	2
Operating cash flows from operating leases	$	30,463	$	22,461
Financing cash flows from financing leases	$	20	$	95
Right-of-use assets obtained in exchange for new financing lease liabilities	$	129	$	140
Right-of-use assets obtained in exchange for new operating lease liabilities	$	25,466	$	27,003


Weighted-average remaining lease term (years):
Financing leases			4.1
Operating leases			6.0
Weighted-average IBR (percentage):
Financing leases			4.8
Operating leases			5.2

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 April 19, 2025 (in thousands) were as follows:


	Operating lease liabilities			Financing lease liabilities
Remainder of 2025	$	67,682		$	55
2026		76,510			92
2027		67,576			71
2028		48,668			58
2029		32,232			52
2030 and thereafter		94,345			4
Total minimum lease payments		387,013			332
Less: amount of lease payments representing interest		(54,298	)		(32	)
Present value of future minimum lease payments		332,715			300
Less: current obligations under leases		(73,186	)		(124	)
Long-term lease obligations	$	259,529		$	176