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Leases | 12 Months Ended
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Dec. 30, 2023
Leases [Abstract] |
Leases | Note 10 – 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 property leases contain multiple renewal options, which generally range from one to ten years in length. In those locations in which it is economically feasible to continue to operate, management expects that renewal options will be exercised as they come due. The terms of certain leases contain provisions requiring payment of variable 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 reference 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 cost were as follows:
(In thousands) |  |  |  |  |  |  |  |  |  | 2023 |  |  | 2022 |  |  | 2021 |
Operating lease cost |  |  |  |  |  |  |  |  |  | $ |  | 55,807 |  |  | $ |  | 57,876 |  |  | $ |  | 58,410 |
Short-term lease cost |  |  |  |  |  |  |  |  |  |  |  | 8,367 |  |  |  |  | 7,576 |  |  |  |  | 8,469 |
Finance lease cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of assets |  |  | 8,244 |  |  |  |  | 6,134 |  |  |  |  | 4,645 |
Interest on lease liabilities |  |  | 4,454 |  |  |  |  | 3,369 |  |  |  |  | 3,005 |
Variable rent |  |  |  |  |  |  |  |  |  |  |  | 348 |  |  |  |  | 236 |  |  |  |  | 162 |
Sublease income |  |  |  |  |  |  |  |  |  |  |  | (3,845 | ) |  |  |  | (3,907 | ) |  |  |  | (4,356 | )
Total net lease cost |  |  |  |  |  |  |  |  |  | $ |  | 73,375 |  |  | $ |  | 71,284 |  |  | $ |  | 70,335 |
Supplemental balance sheet information related to leases was as follows:
|  |  |  |  |  |  |  |  |  | December 30, |  |  | December 31, |
(In thousands) |  |  |  |  |  |  |  |  |  | 2023 |  |  | 2022 |
Operating leases: |  |  |  |  |  |  |
Operating lease assets | $ |  | 242,146 |  |  | $ |  | 257,047 |
Current portion of operating lease liabilities | $ |  | 41,979 |  |  | $ |  | 45,453 |
Noncurrent operating lease liabilities |  |  | 226,118 |  |  |  |  | 239,062 |
Total operating lease liabilities | $ |  | 268,097 |  |  | $ |  | 284,515 |
Finance leases: |  |  |  |  |  |  |
Property and equipment, at cost | $ |  | 92,598 |  |  | $ |  | 73,739 |
Accumulated amortization |  |  | (25,472 | ) |  |  |  | (21,727 | )
Property and equipment, net | $ |  | 67,126 |  |  | $ |  | 52,012 |
Current portion of finance lease liabilities | $ |  | 7,739 |  |  | $ |  | 5,791 |
Noncurrent finance lease liabilities |  |  | 66,900 |  |  |  |  | 51,724 |
Total finance lease liabilities | $ |  | 74,639 |  |  | $ |  | 57,515 |
Weighted average remaining lease term (in years): |  |  |  |  |  |  |
Operating leases |  |  | 7.6 |  |  |  |  | 7.5 |
Finance leases |  |  | 9.0 |  |  |  |  | 9.6 |
Weighted average discount rate: |  |  |  |  |  |  |
Operating leases |  |  | 5.9 | % |  |  |  | 5.4 | %
Finance leases |  |  | 6.8 | % |  |  |  | 6.9 | %
Supplemental cash flow and other information related to leases was as follows:
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  | 2023 |  |  | 2022 |  |  | 2021 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows used for operating leases |  | $ |  | 58,251 |  |  | $ |  | 61,103 |  |  | $ |  | 62,590 |
Operating cash flows used for finance leases |  |  |  | 4,450 |  |  |  |  | 3,372 |  |  |  |  | 3,005 |
Financing cash flows used for finance leases |  |  |  | 6,897 |  |  |  |  | 6,045 |  |  |  |  | 4,738 |
Lease assets obtained in exchange for lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Total operating lease liabilities |  |  |  | 39,018 |  |  |  |  | 23,027 |  |  |  |  | 36,867 |
Total finance lease liabilities |  |  |  | 17,833 |  |  |  |  | 21,032 |  |  |  |  | 4,238 |
The Company’s total future lease commitments under operating and finance leases in effect at December 30, 2023 are as follows:
|  |  |  |  |  |  |  |  |  | Operating |  |  | Finance |  |  |  |
(In thousands) |  |  |  |  |  |  |  |  |  | Leases |  |  | Leases |  |  | Total |
2024 | $ |  | 56,296 |  |  | $ |  | 12,487 |  |  | $ |  | 68,783 |
2025 |  |  | 53,105 |  |  |  |  | 12,186 |  |  |  |  | 65,291 |
2026 |  |  | 46,824 |  |  |  |  | 11,467 |  |  |  |  | 58,291 |
2027 |  |  | 41,147 |  |  |  |  | 10,683 |  |  |  |  | 51,830 |
2028 |  |  | 31,593 |  |  |  |  | 10,086 |  |  |  |  | 41,679 |
Thereafter |  |  | 108,062 |  |  |  |  | 42,671 |  |  |  |  | 150,733 |
Total |  |  | 337,027 |  |  |  |  | 99,580 |  |  |  |  | 436,607 |
Less interest |  |  | 68,930 |  |  |  |  | 24,941 |  |  |  |  | 93,871 |
Present value of lease liabilities |  |  | 268,097 |  |  |  |  | 74,639 |  |  |  |  | 342,736 |
Less current portion |  |  | 41,979 |  |  |  |  | 7,739 |  |  |  |  | 49,718 |
Long-term lease liabilities | $ |  | 226,118 |  |  | $ |  | 66,900 |  |  | $ |  | 293,018 |
Certain retail store facilities, either owned or obtained through leasing arrangements, are leased to others. A majority of the leases provide for minimum rent obligations and contain renewal options. Certain of the leases contain escalation clauses and contingent rentals based upon stipulated sales volumes. Owned assets, included in property and equipment, which are leased to others are as follows:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | December 30, |  |  | December 31, |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2023 |  |  | 2022 |
Land and improvements | $ |  | 7,147 |  |  | $ |  | 7,154 |
Buildings |  |  | 27,227 |  |  |  |  | 26,623 |
Owned assets leased to others |  |  | 34,374 |  |  |  |  | 33,777 |
Less accumulated amortization and depreciation |  |  | 12,369 |  |  |  |  | 11,473 |
Net owned assets leased to others | $ |  | 22,005 |  |  | $ |  | 22,304 |
Future minimum rentals to be received under leases in effect at December 30, 2023 are as follows:
(In thousands) | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | Thereafter |  |  | Total |
Owned property | $ |  | 4,250 |  |  | $ |  | 3,279 |  |  | $ |  | 3,033 |  |  | $ |  | 2,653 |  |  | $ |  | 2,417 |  |  | $ |  | 14,083 |  |  | $ |  | 29,715 |
Leased property |  |  | 3,297 |  |  |  |  | 2,389 |  |  |  |  | 1,422 |  |  |  |  | 857 |  |  |  |  | 198 |  |  |  |  | 15 |  |  |  |  | 8,178 |
Total | $ |  | 7,547 |  |  | $ |  | 5,668 |  |  | $ |  | 4,455 |  |  | $ |  | 3,510 |  |  | $ |  | 2,615 |  |  | $ |  | 14,098 |  |  | $ |  | 37,893 |

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- References No definition available. + Details
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