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Property and Equipment, Net | 12 Months Ended
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Dec. 31, 2023
Property, Plant and Equipment [Abstract] |
Property and Equipment, Net | 9. Property and Equipment, Net Property and equipment is comprised of the following:
|  | As of |
(in thousands) |  | December 31, 2023 |  |  | January 1, 2023 |
Land and buildings |  | $ | 215,065 |  |  | $ | 213,901 |
Leasehold improvements |  |  | 394,041 |  |  |  | 353,181 |
Fixtures and fittings |  |  | 355,604 |  |  |  | 336,758 |
Office equipment and other |  |  | 43,416 |  |  |  | 42,660 |
Construction in progress |  |  | 35,810 |  |  |  | 20,394 |
Finance property lease |  |  | 69,022 |  |  |  | 64,521 |
|  |  | 1,112,958 |  |  |  | 1,031,415 |
Less: Accumulated depreciation |  |  | (471,875 | ) |  |  | (384,414 | )
Less: Accumulated impairment |  |  | (14,048 | ) |  |  | — |
|  | $ | 627,035 |  |  | $ | 647,001 |
The Company recorded depreciation expense of $89 million, $81 million, and $69 million in the fiscal years ended December 31, 2023, January 1, 2023, and January 2, 2022, respectively, which is included in depreciation and amortization in the accompanying consolidated statements of operations. Additions totaled $68 million and $74 million during the fiscal years ended December 31, 2023 and January 1, 2023, respectively, and were primarily related to leasehold improvements and fixtures and fittings for existing sites and sites under development. The Company reviews long-lived assets for impairment when changes in circumstances indicate that the asset's carrying value may not be recoverable. During fiscal 2023, the Company performed recoverability tests for certain asset groups using the undiscounted cash flows approach. Based on the assessments, certain stand-alone sites failed the recoverability tests resulting in an aggregate impairment loss of $47 million (comprised of $33 million in respect of Operating lease assets and $14 million of Property and equipment, net), of which $37 million is in respect of Soho Works North America. The $47 million impairment included within loss on impairment of long-lived assets on the consolidated statement of operations for the fiscal year ended December 31, 2023.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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