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Leases | 6 Months Ended
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Jun. 29, 2019
Leases [Abstract] |
Leases | Leases The Company determines whether an arrangement is a lease at inception. The Company has operating leases for real estate (primarily retail stores and operating facilities) and certain equipment. The Company’s finance leases are not material. Leases with a term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. For lease agreements entered into after adoption of Topic 842, the Company combines lease and nonlease components as a single component for all asset classes. The Company’s leases have remaining lease terms of one to 38 years, some of which include options to extend the leases for up to 15 years, and some of which include options to terminate the leases within one year. The exercise of lease renewal options is at the Company’s sole discretion. In general, for leased retail real estate, the Company will not include renewal options in the underlying lease term. However, if a situation arises where the lessor has control over the option periods, then the Company will include these periods within the lease term. The depreciable life of assets and leasehold improvements are limited by the expected lease term. Certain of the Company’s lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Total operating lease costs, which includes short-term leases and variable cost, were $61,203 and $115,761 for the quarter and six months ended June 29, 2019, respectively. For the quarter and six months ended June 29, 2019, variable costs of $16,650 and $29,302 were included in total operating lease costs, respectively. Short-term lease costs were immaterial for the quarter and six months ended June 29, 2019. The following table presents supplemental cash flow and non-cash information related to leases:
| Six Months Ended
| June 29, 2019
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows from leases | $ | 76,721 |
Right-of-use assets obtained in exchange for lease obligations - non-cash activity | $ | 38,840 |
As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. For operating leases that commenced prior to December 30, 2018, the Company used the incremental borrowing rate on December 27, 2018. The following table presents supplemental information related to leases at June 29, 2019:
Weighted average remaining lease term | 5.2 years |
Weighted average discount rate | 5.12 | %
The following table presents future minimum rental commitments under noncancelable operating leases as of December 29, 2018:
2019 | $ | 148,218 |
2020 | 129,660 |
2021 | 110,185 |
2022 | 91,411 |
2023 | 66,753 |
Thereafter | 115,941 |
| $ | 662,168 |
The following table presents maturities of operating lease liabilities as of June 29, 2019:
2019 | $ | 75,184 |
2020 | 148,759 |
2021 | 110,450 |
2022 | 79,457 |
2023 | 62,878 |
Thereafter | 116,899 |
Total lease payments | 593,627 |
Less interest | 77,210 |
| $ | 516,417 |
As of June 29, 2019, the Company’s additional operating lease contracts that have not yet commenced are immaterial.

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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