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Leases (Tables)

12 Months Ended

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

X

- 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

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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

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+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-URI https://asc.fasb.org//1943274/2147478964/842-20-50-3

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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

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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

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