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v3.21.2

Leases | 6 Months Ended
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Jul. 11, 2021
Leases [Abstract] |
Leases | Leases Leases are included in right-of-use assets, net, current portion of lease obligations, and long-term portion of lease liabilities on our Condensed Consolidated Balance Sheet as of July 11, 2021 and December 27, 2020 as follows (in thousands):
July 11, 2021 |  | Finance |  | Operating |  | Total
Right of use assets, net |  | $ | 9,909 |  |  | $ | 414,738 |  |  | $ | 424,647 |
Current portion of lease obligations |  | 1,108 |  |  | 49,914 |  |  | 51,022 |
Long-term portion of lease obligations |  | 10,925 |  |  | 446,971 |  |  | 457,896 |
Total |  | $ | 12,033 |  |  | $ | 496,885 |  |  | $ | 508,918 |
December 27, 2020 |  | Finance |  | Operating |  | Total
Right of use assets, net |  | $ | 9,644 |  |  | $ | 415,929 |  |  | $ | 425,573 |
Current portion of lease obligations |  | 1,078 |  |  | 54,197 |  |  | 55,275 |
Long-term portion of lease obligations |  | 10,937 |  |  | 454,296 |  |  | 465,233 |
Total |  | $ | 12,015 |  |  | $ | 508,493 |  |  | $ | 520,508 |
The components of lease expense, including variable lease costs primarily consisting of common area maintenance charges and real estate taxes, are included in Occupancy on our Condensed Consolidated Statement of Operations and Comprehensive Loss as follows (in thousands):
|  | Twelve Weeks Ended |  | Twenty-Eight Weeks Ended
|  | July 11, 2021 |  | July 12, 2020 |  | July 11, 2021 |  | July 12, 2020
Operating lease cost |  | $ | 16,243 |  |  | $ | 14,949 |  |  | $ | 37,704 |  |  | $ | 36,939 |
Finance lease cost: |  |  |  |  |  |  |  |
Amortization of right of use assets |  | 197 |  |  | 185 |  | 460 |  |  | 388
Interest on lease liabilities |  | 117 |  |  | 124 |  | 276 |  |  | 262
Total finance lease cost |  | $ | 314 |  |  | $ | 309 |  |  | $ | 736 |  |  | $ | 650 |
Variable lease cost |  | 4,359 |  |  | 4,988 |  |  | 10,775 |  |  | 13,305 |
Total |  | $ | 20,916 |  |  | $ | 20,246 |  |  | $ | 49,215 |  |  | $ | 50,894 |
Maturities of our lease liabilities as of July 11, 2021 were as follows (in thousands):
| Finance Leases |  | Operating Leases |  | Total
Remainder of 2021 | $ | 820 |  |  | $ | 35,857 |  |  | $ | 36,677 |
2022 | 1,327 |  |  | 78,816 |  |  | 80,143 |
2023 | 1,244 |  |  | 75,746 |  |  | 76,990 |
2024 | 1,264 |  |  | 73,579 |  |  | 74,843 |
2025 | 1,283 |  |  | 68,874 |  |  | 70,157 |
Thereafter | 9,349 |  |  | 373,835 |  |  | 383,184 |
Total future lease liability | $ | 15,287 |  |  | $ | 706,707 |  |  | $ | 721,994 |
Less imputed interest | 3,254 |  |  | 209,822 |  |  | 213,076 |
Carrying value of lease liability | $ | 12,033 |  |  | $ | 496,885 |  |  | $ | 508,918 |
Supplemental cash flow and other information related to leases is as follows (in thousands, except other information):
|  | Twenty-Eight Weeks Ended |  |
|  | July 11, 2021 |  | July 12, 2020 |  |
Cash flows from operating activities |  |  |  |  |  |
Cash paid related to lease liabilities |  |  |  |  |  |
Operating leases |  | $ | 47,727 |  |  | $ | 17,188 |  |  |
Finance leases |  | 276 |  |  | 262 |  |  |
Cash flows from financing activities |  |  |  |  |  |
Cash paid related to lease liabilities |  |  |  |  |  |
Finance leases |  | 1,018 |  |  | — |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  | $ | 49,021 |  |  | $ | 17,450 |  |  |
Right of use assets obtained in exchange for operating lease obligations |  | $ | 7,784 |  |  | $ | 19,781 |  |  |
Right of use assets obtained in exchange for finance lease obligations |  | $ | 751 |  |  | $ | 4,224 |  |  |
Other information related to operating leases as follows: |  |  |  |  |  |
Weighted average remaining lease term |  | 10.0 years |  | 10.4 years |  |
Weighted average discount rate |  | 7.01 | % |  | 7.25 | % |  |
Other information related to finance leases as follows: |  |  |  |  |  |
Weighted average remaining lease term |  | 11.3 years |  | 12.2 years |  |
Weighted average discount rate |  | 4.56 | % |  | 4.96 | % |  |

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- References No definition available. + Details
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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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