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Leases | 6 Months Ended
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Jul. 13, 2019
Leases [Abstract] |
Leases | Note 9 – Leases A portion of the Company’s retail stores and warehouses operate in leased facilities. The Company also leases the majority of the tractors and trailers within its fleet and certain other assets. Most of the real property leases contain multiple renewal options, which generally range from one to ten years. In those locations in which it is economically feasible to continue to operate, management expects that lease options will be exercised. The terms of certain leases contain provisions requiring payment of percentage rent based on sales and payment of executory costs such as property taxes, utilities, insurance, maintenance and other occupancy costs applicable to the leased premises or, in the case of transportation equipment, provisions requiring payment of variable rent based upon miles driven. Certain properties or portions thereof are subleased to others. As most of the Company’s leases do not provide an implicit discount rate, the Company uses an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The components of lease expense were as follows:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12 Weeks Ended |  |  | 28 Weeks Ended |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | July 13, 2019 |  |  | July 13, 2019 |
Operating lease cost | $ |  | 12,586 |  |  | $ |  | 29,646 |
Short-term lease cost |  |  | 1,510 |  |  |  |  | 3,539 |
Finance lease cost |  |  |  |  |  |  |  |  |
Amortization of assets |  |  | 853 |  |  |  |  | 1,984 |
Interest on lease liabilities |  |  | 713 |  |  |  |  | 1,695 |
Sublease income |  |  | (932 | ) |  |  |  | (2,267 | )
Total net lease cost | $ |  | 14,730 |  |  | $ |  | 34,597 |
Supplemental balance sheet information related to leases was as follows:
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | July 13, 2019 |
Operating leases: |  |  |  |
Operating lease assets | $ |  | 274,336 |
Current portion of operating lease liabilities | $ |  | 41,767 |
Noncurrent operating lease liabilities |  |  | 276,888 |
Total operating lease liabilities | $ |  | 318,655 |
Finance leases: |  |  |  |
Property and equipment, at cost | $ |  | 62,118 |
Accumulated amortization |  |  | (29,371 | )
Property and equipment, net | $ |  | 32,747 |
Current portion of finance lease liabilities | $ |  | 5,794 |
Noncurrent finance lease liabilities |  |  | 32,644 |
Total finance lease liabilities | $ |  | 38,438 |
Weighted average remaining lease term: |  |  |  |
Operating leases |  | 9.2 years |
Finance leases |  | 10.1 years |
Weighted average discount rate: |  |  |  |
Operating leases |  |  | 5.7 | %
Finance leases |  |  | 8.2 | %
Supplemental cash flow and other information related to leases was as follows:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12 Weeks Ended |  |  | 28 Weeks Ended |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | July 13, 2019 |  |  | July 13, 2019 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |
Operating cash flows used for operating leases | $ |  | 14,144 |  |  | $ |  | 32,926 |
Operating cash flows used for finance leases |  |  | 708 |  |  |  |  | 1,683 |
Financing cash flows used for finance leases |  |  | 1,505 |  |  |  |  | 3,461 |
Leased assets obtained in exchange for lease liabilities: |  |  |  |  |  |  |  |  |
Total operating lease liabilities |  |  | 14,691 |  |  |  |  | 19,300 |
Total finance lease liabilities |  |  | — |  |  |  |  | — |
The Company’s maturities of lease liabilities under operating and finance leases as of July 13, 2019 are as follows:
|  |  |  |  |  |  |  |  |  | Operating |  |  | Finance |  |  |  |
(In thousands) |  |  |  |  |  |  |  |  |  | Leases |  |  | Leases |  |  | Total |
2019 | $ |  | 27,581 |  |  |  |  | 4,335 |  |  | $ |  | 31,916 |
2020 |  |  | 55,754 |  |  |  |  | 7,416 |  |  |  |  | 63,170 |
2021 |  |  | 50,482 |  |  |  |  | 5,374 |  |  |  |  | 55,856 |
2022 |  |  | 44,140 |  |  |  |  | 4,784 |  |  |  |  | 48,924 |
2023 |  |  | 39,689 |  |  |  |  | 4,401 |  |  |  |  | 44,090 |
Thereafter |  |  | 195,885 |  |  |  |  | 31,479 |  |  |  |  | 227,364 |
Total |  |  | 413,531 |  |  |  |  | 57,789 |  |  |  |  | 471,320 |
Less interest |  |  | 94,876 |  |  |  |  | 19,351 |  |  |  |  | 114,227 |
Present value of lease liabilities |  |  | 318,655 |  |  |  |  | 38,438 |  |  |  |  | 357,093 |
Less current portion |  |  | 41,767 |  |  |  |  | 5,794 |  |  |  |  | 47,561 |
Long-term lease liabilities | $ |  | 276,888 |  |  | $ |  | 32,644 |  |  | $ |  | 309,532 |

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