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Leases (Tables) | 12 Months Ended
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Dec. 31, 2023
Lessee, Lease, Description [Line Items] |
Summary of the maturity of the Company's operating and finance lease liabilities | The maturity of the Company’s operating and finance lease liabilities as of December 31, 2023 is as follows:
(in thousands) Fiscal year ended |  | Operating Leases |  |  | Finance Leases |
Undiscounted lease payments |  |  |  |  |  |
2024 |  | $ | 152,366 |  |  | $ | 6,045 |
2025 |  |  | 155,559 |  |  |  | 6,084 |
2026 |  |  | 156,400 |  |  |  | 6,007 |
2027 |  |  | 147,933 |  |  |  | 5,997 |
2028 |  |  | 146,456 |  |  |  | 5,997 |
Thereafter |  |  | 1,673,916 |  |  |  | 221,891 |
Total undiscounted lease payments |  |  | 2,432,630 |  |  |  | 252,021 |
Present value adjustment |  |  | 1,078,571 |  |  |  | 173,540 |
Total net lease liabilities |  | $ | 1,354,059 |  |  | $ | 78,481 |
Summary of the supplemental disclosure for the statement of cash flows related to operating and finance leases | The following information represents supplemental disclosure for the statement of cash flows related to operating and finance leases:
|  | For the Fiscal Year Ended |
(in thousands) |  | December 31, 2023 |  |  | January 1, 2023 |  |  | January 2, 2022 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | (137,856 | ) |  | $ | (118,269 | ) |  | $ | (86,523 | )
Interest payments for finance leases |  |  | (6,444 | ) |  |  | (5,002 | ) |  |  | (5,037 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Principal payments for finance leases |  | $ | (407 | ) |  | $ | (528 | ) |  | $ | (281 | )
Supplemental disclosures of non-cash investing and financing activities: |  |  |  |  |  |  |  |  |
Operating lease assets obtained in exchange for new operating lease liabilities |  | $ | 124,779 |  |  | $ | 133,743 |  |  | $ | 170,105 |
Acquisitions of property and equipment under finance leases |  |  | 33 |  |  |  | 12,315 |  |  |  | - |
Summary of the additional information related to operating and finance leases | The following summarizes additional information related to operating and finance leases:
|  | As of
|  | December 31, 2023 |  | January 1, 2023
Weighted-average remaining lease term |  |  |  |
Finance leases |  | 42 years |  | 43 years
Operating leases |  | 16 years |  | 17 years
Weighted-average discount rate |  |  |  |
Finance leases |  | 7.29% |  | 7.29%
Operating leases |  | 7.89% |  | 7.93%
Summary of the Company's estimated future undiscounted lease payments for current leases | The following summarizes the Company’s estimated future undiscounted lease payments for current leases signed but not commenced, including properties where the SHD team is acting as the construction manager:
(in thousands) |  | Operating Leases Under |
Fiscal year ended |  | Construction |
Estimated total undiscounted lease payments |  |  |
2024 |  | $ | 3,439 |
2025 |  |  | 15,470 |
2026 |  |  | 23,817 |
2027 |  |  | 31,016 |
2028 |  |  | 48,361 |
Thereafter |  |  | 1,191,909 |
Total undiscounted lease payments expected for leases signed but not commenced |  | $ | 1,314,011 |
DTLA Property [Member] |
Lessee, Lease, Description [Line Items] |
Summary of the supplemental disclosure for the statement of cash flows related to operating and finance leases | The following information represents supplemental disclosure for the statement of cash flows related to the financing obligation for the DTLA property:
| For the Fiscal Year Ended |
(in thousands) | December 31, 2023 |  |  | January 1, 2023 |  |  | January 2, 2022 |
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |
Interest payments for financing obligation | $ |  | (7,031 | ) |  | $ |  | (6,894 | ) |  | $ |  | (5,626 | )
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |
Capitalized interest | $ |  | — |  |  | $ |  | — |  |  | $ |  | — |
Purchase of property and equipment |  |  | — |  |  |  |  | — |  |  |  |  | — |
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |
Principal payments on financing obligation | $ |  | — |  |  | $ |  | (1,578 | ) |  | $ |  | (1,334 | )
Proceeds from financing obligation |  |  | — |  |  |  |  | — |  |  |  |  | — |
Summary of the company's future undiscounted finance lease | The following summarizes the Company's future undiscounted lease payments for the DTLA property:
(in thousands) | Financing Obligation |
Fiscal year ended |  |
Undiscounted lease payments |  |
2024 | $ | 7,172 |
2025 |  | 7,316 |
2026 |  | 7,462 |
2027 |  | 7,611 |
2028 |  | 7,763 |
Thereafter |  | 108,678 |
Total undiscounted lease payments |  | 146,002 |
Present value adjustment |  | 69,378 |
Total net financing obligation | $ | 76,624 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-3 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 840 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481501/840-20-50-2 + Details
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