Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.23.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 30, 2023
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
in thousands Classification March 30, 2023 March 31, 2022
Fixed operating lease cost: Selling and store operating $ 38,144  $ 33,460 
Cost of sales 6,258  6,501 
Pre-opening 3,066  2,353 
General and administrative 1,072  1,141 
Total fixed operating lease cost $ 48,540  $ 43,455 
Variable lease cost (1): Selling and store operating $ 14,486  $ 12,223 
Cost of sales 1,119  1,419 
Pre-opening 131  167 
General and administrative 303  226 
Total variable lease cost $ 16,039  $ 14,035 
Sublease income Cost of sales (679) (680)
Total operating lease cost (2) $ 63,900  $ 56,810 
(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 weeks ended March 30, 2023 and March 31, 2022.
Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases
Future minimum lease payments under non-cancelable operating leases as of March 30, 2023 were as follows:
in thousands Amount
Thirty-nine weeks ending December 28, 2023 $ 131,847 
2024 196,087 
2025 183,737 
2026 172,602 
2027 165,262 
Thereafter 1,093,035 
Total minimum lease payments (1) (2) 1,942,570 
Less: amount of lease payments representing interest 577,205 
Present value of future minimum lease payments 1,365,365 
Less: current obligations under leases 113,798 
Long-term lease obligations $ 1,251,567 
(1) Future lease payments exclude approximately $246.1 million of legally binding minimum lease payments for operating leases signed but not yet commenced.
(2) Operating lease payments include $201.3 million related to options to extend lease terms that are reasonably certain of being exercised.