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LEASES | 12 Months Ended
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Jul. 31, 2021
Leases [Abstract] |
LEASES | LEASES Description of leasing arrangements The Company leases 32 retail stores, as well as a production distribution center (the "PDC"), the corporate headquarters and equipment at July 31, 2021. The majority of initial lease terms range from 20 to 30 years. Most of the Company’s leases contain renewal options at increased rents of five years each at the Company’s sole discretion. These options enable Village to retain the use of facilities in desirable operating areas. The composition of total lease cost is as follows:
|  |  | Years ended
| Consolidated Statement of Operations Classification |  | July 31, 2021 |  | July 25, 2020
Operating lease cost | Operating and administrative expense |  | $ | 37,677 |  |  | $ | 22,911 |
Finance lease cost |  |  |  |  |
Amortization of leased assets | Depreciation and amortization |  | 947 |  |  | 947 |
Interest on lease liabilities | Interest expense |  | 2,000 |  |  | 2,059 |
Variable lease cost | Operating and administrative expense |  | 19,479 |  |  | 16,473 |
Total lease cost |  |  | $ | 60,103 |  |  | $ | 42,390 |
As of July 31, 2021 and July 25, 2020, finance lease right-of-use assets of $12,806 and $13,753, respectively, are included in property, equipment and fixtures, net in the Company's consolidated balance sheet. Maturities of operating and finance lease liabilities, including options to extend lease terms that are reasonably certain of being exercised, are as follows as of July 31, 2021:
|  | Operating leases |  | Finance leases |  | Total
2022 |  | $ | 32,984 |  |  | $ | 2,470 |  |  | $ | 35,454 |
2023 |  | 35,988 |  |  | 2,689 |  |  | 38,677 |
2024 |  | 34,005 |  |  | 2,689 |  |  | 36,694 |
2025 |  | 32,563 |  |  | 2,820 |  |  | 35,383 |
2026 |  | 31,758 |  |  | 2,893 |  |  | 34,651 |
Thereafter |  | 214,944 |  |  | 26,187 |  |  | 241,131 |
Total lease payments |  | 382,242 |  |  | 39,748 |  |  | 421,990 |
Less amount representing interest |  | 82,480 |  |  | 16,892 |  |  | 99,372 |
Present value of lease liabilities |  | $ | 299,762 |  |  | $ | 22,856 |  |  | $ | 322,618 |
The Company has approximately $9,280 of future payment obligations related to lease agreements that have not yet commenced but have been executed as of July 31, 2021. As of July 31, 2021, the Company's lease terms and discount rates are as follows:
| July 31, 2021 |  | July 25, 2020
Weighted-average remaining lease term (years) |  |  |
Operating leases | 12.5 |  | 13.3
Finance leases | 14.4 |  | 15.4
Weighted-average discount rate |  |  |
Operating leases | 3.9 | % |  | 3.9 | %
Finance leases | 8.5 | % |  | 8.5 | %
Supplemental cash flow information related to leases is as follows:
|  | 2021 |  | 2020
Cash paid for amounts in the measurement of lease liabilities |  |  |  |
Operating cash flows from operating leases |  | $ | 34,768 |  |  | $ | 21,287 |
Operating cash flows from finance leases |  | 2,000 |  |  | 2,059 |
Financing cash flows from finance leases |  | 689 |  |  | 572 |
Related party leases The Company leases a supermarket from a realty firm 30% owned by certain officers of Village. The Company paid rent to related parties under this lease of $704 and $688 in fiscal 2021 and 2020, respectively, and has a related lease obligation of $3,227 at July 31, 2021. This lease expires in fiscal 2026 with options to extend at increasing annual rent. The Company has ownership interests in three real estate partnerships. Village paid aggregate rents to two of these partnerships for leased stores of $1,579 and $1,556 in fiscal 2021 and 2020, respectively, and has related aggregate lease obligations of $12,781 at July 31, 2021. One of these partnerships is a variable interest entity, which is not consolidated as Village is not the primary beneficiary. This partnership owns one property, a stand-alone supermarket leased to the Company since 1974. Village is a general partner entitled to 33% of the partnership's profits and losses. The Company subleases the Galloway and Vineland stores from Wakefern under sublease agreements which provided for combined annual rents of $1,355 in both fiscal 2021 and 2020, and has related aggregate lease obligations of $2,276 at July 31, 2021. Both leases contain normal periodic rent increases and options to extend the lease.
LEASES | LEASES Description of leasing arrangements The Company leases 32 retail stores, as well as a production distribution center (the "PDC"), the corporate headquarters and equipment at July 31, 2021. The majority of initial lease terms range from 20 to 30 years. Most of the Company’s leases contain renewal options at increased rents of five years each at the Company’s sole discretion. These options enable Village to retain the use of facilities in desirable operating areas. The composition of total lease cost is as follows:
|  |  | Years ended
| Consolidated Statement of Operations Classification |  | July 31, 2021 |  | July 25, 2020
Operating lease cost | Operating and administrative expense |  | $ | 37,677 |  |  | $ | 22,911 |
Finance lease cost |  |  |  |  |
Amortization of leased assets | Depreciation and amortization |  | 947 |  |  | 947 |
Interest on lease liabilities | Interest expense |  | 2,000 |  |  | 2,059 |
Variable lease cost | Operating and administrative expense |  | 19,479 |  |  | 16,473 |
Total lease cost |  |  | $ | 60,103 |  |  | $ | 42,390 |
As of July 31, 2021 and July 25, 2020, finance lease right-of-use assets of $12,806 and $13,753, respectively, are included in property, equipment and fixtures, net in the Company's consolidated balance sheet. Maturities of operating and finance lease liabilities, including options to extend lease terms that are reasonably certain of being exercised, are as follows as of July 31, 2021:
|  | Operating leases |  | Finance leases |  | Total
2022 |  | $ | 32,984 |  |  | $ | 2,470 |  |  | $ | 35,454 |
2023 |  | 35,988 |  |  | 2,689 |  |  | 38,677 |
2024 |  | 34,005 |  |  | 2,689 |  |  | 36,694 |
2025 |  | 32,563 |  |  | 2,820 |  |  | 35,383 |
2026 |  | 31,758 |  |  | 2,893 |  |  | 34,651 |
Thereafter |  | 214,944 |  |  | 26,187 |  |  | 241,131 |
Total lease payments |  | 382,242 |  |  | 39,748 |  |  | 421,990 |
Less amount representing interest |  | 82,480 |  |  | 16,892 |  |  | 99,372 |
Present value of lease liabilities |  | $ | 299,762 |  |  | $ | 22,856 |  |  | $ | 322,618 |
The Company has approximately $9,280 of future payment obligations related to lease agreements that have not yet commenced but have been executed as of July 31, 2021. As of July 31, 2021, the Company's lease terms and discount rates are as follows:
| July 31, 2021 |  | July 25, 2020
Weighted-average remaining lease term (years) |  |  |
Operating leases | 12.5 |  | 13.3
Finance leases | 14.4 |  | 15.4
Weighted-average discount rate |  |  |
Operating leases | 3.9 | % |  | 3.9 | %
Finance leases | 8.5 | % |  | 8.5 | %
Supplemental cash flow information related to leases is as follows:
|  | 2021 |  | 2020
Cash paid for amounts in the measurement of lease liabilities |  |  |  |
Operating cash flows from operating leases |  | $ | 34,768 |  |  | $ | 21,287 |
Operating cash flows from finance leases |  | 2,000 |  |  | 2,059 |
Financing cash flows from finance leases |  | 689 |  |  | 572 |
Related party leases The Company leases a supermarket from a realty firm 30% owned by certain officers of Village. The Company paid rent to related parties under this lease of $704 and $688 in fiscal 2021 and 2020, respectively, and has a related lease obligation of $3,227 at July 31, 2021. This lease expires in fiscal 2026 with options to extend at increasing annual rent. The Company has ownership interests in three real estate partnerships. Village paid aggregate rents to two of these partnerships for leased stores of $1,579 and $1,556 in fiscal 2021 and 2020, respectively, and has related aggregate lease obligations of $12,781 at July 31, 2021. One of these partnerships is a variable interest entity, which is not consolidated as Village is not the primary beneficiary. This partnership owns one property, a stand-alone supermarket leased to the Company since 1974. Village is a general partner entitled to 33% of the partnership's profits and losses. The Company subleases the Galloway and Vineland stores from Wakefern under sublease agreements which provided for combined annual rents of $1,355 in both fiscal 2021 and 2020, and has related aggregate lease obligations of $2,276 at July 31, 2021. Both leases contain normal periodic rent increases and options to extend the lease.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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