Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.21.2
Commitments and Contingencies (Tables)
 6 Months Ended
Jul. 01, 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 Twenty-six Weeks Ended
in thousands Classification July 1, 2021 June 25, 2020 (3) July 1, 2021 June 25, 2020 (3)
Fixed operating lease cost: Selling and store operating $ 30,820  $ 25,842  $ 59,588  $ 50,775 
Cost of sales 5,656  5,655  11,316  11,329 
Pre-opening 3,020  1,683  4,655  3,874 
General and administrative 1,030  1,041  2,059  2,059 
Total fixed operating lease cost $ 40,526  $ 34,221  $ 77,618  $ 68,037 
Variable lease cost (1): Selling and store operating $ 9,975  $ 9,181  $ 19,751  $ 17,119 
Cost of sales 1,184  1,135  2,592  2,219 
Pre-opening 2  85  70  169 
General and administrative (110) 45  (88) 72 
Total variable lease cost $ 11,051  $ 10,446  $ 22,325  $ 19,579 
Sublease income Cost of sales (597) (597) (1,194) (1,194)
Total operating lease cost (2) $ 50,980  $ 44,070  $ 98,749  $ 86,422 
(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 twenty-six weeks ended July 1, 2021 and June 25, 2020.
(3) To conform to the current period presentation, the presentation of the components of operating lease expense for the thirteen weeks and twenty-six weeks ended June 25, 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 July 1, 2021 were as follows:
in thousands Amount
Twenty-six weeks ending December 30, 2021 $ 133,811 
2022 156,328 
2023 156,506 
2024 149,008 
2025 139,405 
Thereafter 858,833 
Total minimum lease payments (1) (2) $ 1,593,891 
Less: amount of lease payments representing interest 430,325 
Present value of future minimum lease payments 1,163,566 
Less: current obligations under leases 86,110 
Long-term lease obligations $ 1,077,456 
(1) Future lease payments exclude approximately $25.2 million of legally binding minimum lease payments for operating leases signed but not yet commenced.
(2) Operating lease payments include $82.0 million related to options to extend lease terms that are reasonably certain of being exercised.