Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.21.2
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Components of Lease Expense
The table below presents components of lease expense for operating leases.
Thirteen Weeks Ended Thirty-nine Weeks Ended
in thousands Classification September 30, 2021 September 24, 2020 (3) September 30, 2021 September 24, 2020 (3)
Fixed operating lease cost: Selling and store operating $ 31,940  $ 26,549  $ 91,528  $ 77,325 
Cost of sales 5,668  5,676  16,984  17,005 
Pre-opening 3,272  2,230  7,927  6,103 
General and administrative 1,029  1,029  3,088  3,088 
Total fixed operating lease cost $ 41,909  $ 35,484  $ 119,527  $ 103,521 
Variable lease cost (1): Selling and store operating $ 10,605  $ 8,583  $ 30,356  $ 25,702 
Cost of sales 1,101  1,397  3,693  3,616 
Pre-opening 13  128  83  297 
General and administrative 78  40  (10) 112 
Total variable lease cost $ 11,797  $ 10,148  $ 34,122  $ 29,727 
Sublease income Cost of sales (597) (597) (1,791) (1,791)
Total operating lease cost (2) $ 53,109  $ 45,035  $ 151,858  $ 131,457 
(1) Includes variable costs for common area maintenance, property taxes, and insurance on leased real estate.
(2) Excludes short-term lease costs, which were immaterial for the thirteen and thirty-nine weeks ended September 30, 2021 and September 24, 2020.
(3) To conform to the current period presentation, the presentation of the components of operating lease expense for the thirteen weeks and thirty-nine weeks ended September 24, 2020 has been updated within this table to provide disclosure of variable lease costs and additional information related to the classification of operating leases within the Condensed Consolidated Statements of Operations and Comprehensive Income.
Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases
Future minimum lease payments under non-cancelable operating leases (with initial or remaining lease terms in excess of one year) as of September 30, 2021 were as follows:
in thousands Amount
Thirteen weeks ending December 30, 2021 $ 40,422 
2022 159,154 
2023 162,826 
2024 158,644 
2025 147,164 
Thereafter 970,806 
Total minimum lease payments (1) (2) 1,639,016 
Less: amount of lease payments representing interest 433,966 
Present value of future minimum lease payments 1,205,050 
Less: current obligations under leases 98,238 
Long-term lease obligations $ 1,106,812 
(1) Future lease payments exclude approximately $74.2 million of legally binding minimum lease payments for operating leases signed but not yet commenced.
(2) Operating lease payments include $108.5 million related to options to extend lease terms that are reasonably certain of being exercised.