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LEASES (Tables)

6 Months Ended

Jun. 29, 2019

Leases [Abstract]

Components of leases

The components of lease expense were as follows (in thousands):

Lease Cost		Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) Location		For the 13 Weeks Ended June 29, 2019				For the 26 Weeks Ended June 29, 2019
Operating lease cost(1)		SG&A		$	29,385			$	60,244
Finance lease cost:
Amortization of ROU assets		SG&A		$	114			$	240
Interest on lease liabilities		Interest expense		$	11			$	20
Short-term lease cost		SG&A		$	429			$	813
Variable lease cost		SG&A		$	8,549			$	17,341

_______________________________________________

⁽¹⁾Includes sublease income, which was immaterial.

The following table discloses supplemental balance sheet information for the Company’s leases (in thousands):

Leases		Condensed Consolidated Balance Sheets Location		June 29, 2019
Assets
Operating		Operating lease ROU assets		$	305,403
Finance		Property, plant and equipment - net of accumulated depreciation of $3,852		$	6,197
Liabilities
Current:
Operating		Current operating lease liabilities		$	66,757
Finance		Short-term and current portion of long-term debt		$	979
Noncurrent:
Operating		Long-term operating lease liabilities		$	308,458
Finance		Long-term debt		$	2,053

The following table discloses the weighted-average remaining lease term and weighted-average discount rate for the Company's leases:

Lease Term and Discount Rate		June 29, 2019
Weighted-average remaining lease term:
Operating leases		6.3 years
Finance leases		2.8 years
Weighted-average discount rate:
Operating leases		13.9	%
Finance leases		1.2	%

Maturity of lease liabilities

Future minimum lease payments by year as of June 29, 2019 were as follows (in thousands):

Fiscal Year		Operating Leases				Finance Leases
2019 (remaining)		$	59,472			$	501
2020		114,485				1,084
2021		92,486				998
2022		78,565				498
2023		63,653				—
2024		43,923				—
Thereafter		148,115				—
Total lease payments		$	600,699			$	3,081
Less: Interest		225,484				49
Total lease obligations		$	375,215			$	3,032

Maturity of lease liabilities

Future minimum lease payments by year as of June 29, 2019 were as follows (in thousands):

Fiscal Year		Operating Leases				Finance Leases
2019 (remaining)		$	59,472			$	501
2020		114,485				1,084
2021		92,486				998
2022		78,565				498
2023		63,653				—
2024		43,923				—
Thereafter		148,115				—
Total lease payments		$	600,699			$	3,081
Less: Interest		225,484				49
Total lease obligations		$	375,215			$	3,032

Future minimum lease payments

Future minimum lease payments by year as of December 29, 2018 were as follows (in thousands):

Fiscal Year		Operating Leases				Finance Leases
2019		$	135,025			$	951
2020		105,668				947
2021		84,230				947
2022		73,928				696
2023		61,710				—
Thereafter		186,201				—
Total lease payments		$	646,762			$	3,541
Less: Interest						84
Finance lease obligations						$	3,457

Future minimum lease payments

Future minimum lease payments by year as of December 29, 2018 were as follows (in thousands):

Fiscal Year		Operating Leases				Finance Leases
2019		$	135,025			$	951
2020		105,668				947
2021		84,230				947
2022		73,928				696
2023		61,710				—
Thereafter		186,201				—
Total lease payments		$	646,762			$	3,541
Less: Interest						84
Finance lease obligations						$	3,457

Supplemental cash flow information

Supplemental cash flow information related to leases was as follows (in thousands):

	For the 26 Weeks Ended June 29, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	52,934
Operating cash flows from finance leases	20
Financing cash flows from finance leases	478
Leased assets obtained in exchange for new operating lease liabilities	16,939

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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.

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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.

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