Commitments and Contingencies (Tables)
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12 Months Ended |
Dec. 29, 2022 |
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| Commitments and Contingencies Disclosure [Abstract] |
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| Schedule of Supplemental Balance Sheet Information Related to Operating Leases |
The table below presents supplemental balance sheet information related to operating leases.
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in thousands, except lease term and discount rate |
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Classification |
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As of December 29, 2022 |
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As of December 30, 2021 |
| Assets |
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| Building |
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Right-of-use assets |
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$ |
989,955 |
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$ |
972,962 |
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| Land |
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Right-of-use assets |
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199,035 |
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107,764 |
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| Equipment |
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Right-of-use assets |
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16,646 |
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14,127 |
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| Software |
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Right-of-use assets |
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— |
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8,897 |
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| Total operating lease assets |
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$ |
1,205,636 |
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$ |
1,103,750 |
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| Liabilities |
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| Current |
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| Building |
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Current portion of lease liabilities |
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95,216 |
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92,909 |
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| Land |
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Current portion of lease liabilities |
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1,922 |
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1,385 |
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| Equipment |
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Current portion of lease liabilities |
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8,555 |
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6,842 |
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| Software |
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Current portion of lease liabilities |
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— |
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3,466 |
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| Total current operating lease liabilities |
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105,693 |
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104,602 |
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| Noncurrent |
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| Building |
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Lease liabilities |
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998,883 |
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989,712 |
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| Land |
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Lease liabilities |
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220,570 |
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120,174 |
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| Equipment |
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Lease liabilities |
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8,054 |
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7,285 |
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| Software |
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Lease liabilities |
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— |
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3,819 |
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| Total noncurrent operating lease liabilities |
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1,227,507 |
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1,120,990 |
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| Total operating lease liabilities |
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$ |
1,333,200 |
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$ |
1,225,592 |
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| Weighted-average remaining lease term |
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12 years |
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11 years |
| Weighted-average discount rate |
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5.4% |
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5.1% |
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| Schedule of Components of Lease Expense |
The table below presents components of lease expense for operating leases.
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Fiscal Year Ended |
| in thousands |
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Classification |
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December 29,
2022 |
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December 30,
2021 |
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December 31,
2020 |
| Fixed operating lease cost: |
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Selling and store operating |
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$ |
139,603 |
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$ |
123,882 |
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$ |
105,207 |
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Cost of sales |
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25,465 |
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24,170 |
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22,672 |
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Pre-opening |
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9,971 |
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10,127 |
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7,886 |
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General and administrative |
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4,622 |
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4,359 |
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4,118 |
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| Total fixed operating lease cost |
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$ |
179,661 |
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$ |
162,538 |
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$ |
139,883 |
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Variable lease cost (1):
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Selling and store operating |
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$ |
49,605 |
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$ |
42,093 |
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$ |
34,499 |
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Cost of sales |
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3,894 |
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5,506 |
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4,860 |
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Pre-opening |
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666 |
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274 |
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657 |
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General and administrative |
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787 |
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310 |
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151 |
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| Total variable lease cost |
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$ |
54,952 |
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$ |
48,183 |
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$ |
40,167 |
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| Sublease income |
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Cost of sales |
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(2,722) |
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(2,694) |
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(2,713) |
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Total operating lease cost (2)
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$ |
231,891 |
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$ |
208,027 |
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$ |
177,337 |
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(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 fiscal years ended December 29, 2022, December 30, 2021, and December 31, 2020.
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| 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 December 29, 2022 were as follows:
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in thousands |
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Amount |
| 2023 |
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$ |
170,669 |
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| 2024 |
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189,116 |
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| 2025 |
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177,156 |
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| 2026 |
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166,350 |
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| 2027 |
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158,809 |
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Thereafter |
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1,020,281 |
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Total minimum lease payments (1) (2)
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1,882,381 |
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Less: amount of lease payments representing interest |
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549,181 |
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Present value of future minimum lease payments |
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1,333,200 |
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Less: current obligations under leases |
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105,693 |
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Long-term lease obligations |
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$ |
1,227,507 |
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(1)Future lease payments exclude approximately $262.7 million of legally binding minimum lease payments for operating leases signed but not yet commenced.
(2)Operating lease payments include $184.2 million related to options to extend lease terms that are reasonably certain of being exercised.
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