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Lease Commitments (Tables)
 6 Months Ended
Jul. 02, 2023
Leases [Abstract]  
Summary of Components of Lease Expense

The components of lease expense were as follows:

 

 

13 Weeks Ended

 

 

26 Weeks Ended

 

 

 

July 2,
2023

 

 

July 3,
2022

 

 

July 2,
2023

 

 

July 3,
2022

 

 

 

(In thousands)

 

Lease expense:

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease expense

 

$

21,076

 

 

$

20,749

 

 

$

42,114

 

 

$

41,310

 

Variable lease expense

 

 

4,665

 

 

 

4,881

 

 

 

9,477

 

 

 

9,504

 

Operating lease expense

 

 

25,741

 

 

 

25,630

 

 

 

51,591

 

 

 

50,814

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of right-of-use assets

 

 

949

 

 

 

900

 

 

 

1,899

 

 

 

1,802

 

Interest on lease liabilities

 

 

78

 

 

 

67

 

 

 

158

 

 

 

141

 

Finance lease expense

 

 

1,027

 

 

 

967

 

 

 

2,057

 

 

 

1,943

 

Total lease expense

 

$

26,768

 

 

$

26,597

 

 

$

53,648

 

 

$

52,757

 
Schedule of Other Information Related To Leases

Other information related to leases was as follows:

 

 

26 Weeks Ended

 

 

 

July 2,
2023

 

 

July 3,
2022

 

 

 

(In thousands)

 

Operating cash flows from operating leases

 

$

43,518

 

 

$

43,300

 

Financing cash flows from finance leases

 

 

2,007

 

 

 

1,899

 

Operating cash flows from finance leases

 

 

165

 

 

 

147

 

Cash paid for amounts included in the measurement of lease liabilities

 

$

45,690

 

 

$

45,346

 

 

 

 

 

 

 

 

Right-of-use assets obtained in exchange for new finance lease liabilities

 

$

1,152

 

 

$

957

 

Right-of-use assets obtained in exchange for new operating lease liabilities

 

$

29,681

 

 

$

58,624

 

Weighted-average remaining lease term—finance leases

 

3.7 years

 

 

3.7 years

 

Weighted-average remaining lease term—operating leases

 

4.9 years

 

 

5.1 years

 

Weighted-average discount rate—finance leases

 

 

4.2

%

 

 

3.1

%

Weighted-average discount rate—operating leases

 

 

5.2

%

 

 

4.9

%

 
Schedule of Maturities For Finance And Operating Leases

Maturities of finance and operating lease liabilities as of July 2, 2023 were as follows:

Fiscal Year Ending:

 

Finance
Leases

 

 

Operating
Leases

 

 

 

(In thousands)

 

2023 (remaining six months)

 

$

2,693

 

 

$

39,572

 

2024

 

 

2,697

 

 

 

80,527

 

2025

 

 

2,184

 

 

 

64,505

 

2026

 

 

1,686

 

 

 

49,067

 

2027

 

 

683

 

 

 

31,488

 

Thereafter

 

 

267

 

 

 

51,887

 

Undiscounted cash flows

 

$

10,210

 

 

$

317,046

 

Reconciliation of lease liabilities:

 

 

 

 

 

 

Weighted-average remaining lease term

 

3.7 years

 

 

4.9 years

 

Weighted-average discount rate

 

 

4.2

%

 

 

5.2

%

Present values

 

$

9,411

 

 

$

278,940

 

Lease liabilities - current

 

 

2,777

 

 

 

67,742

 

Lease liabilities - long-term

 

 

6,634

 

 

 

211,198

 

Lease liabilities - total

 

$

9,411

 

 

$

278,940

 

Difference between undiscounted and discounted cash flows

 

$

799

 

 

$

38,106