Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.22.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2022
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 31, 2022
April 1, 2021
Fixed operating lease cost: Selling and store operating $ 33,460  $ 28,768 
Cost of sales 6,501  5,660 
Pre-opening 2,353  1,635 
General and administrative 1,141  1,029 
Total fixed operating lease cost $ 43,455  $ 37,092 
Variable lease cost (1): Selling and store operating $ 12,223  $ 9,776 
Cost of sales 1,419  1,408 
Pre-opening 167  68 
General and administrative 226  22 
Total variable lease cost $ 14,035  $ 11,274 
Sublease income Cost of sales (680) (597)
Total operating lease cost (2) $ 56,810  $ 47,769 
(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 31, 2022 and April 1, 2021.
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 March 31, 2022 were as follows:
in thousands Amount
Thirty-nine weeks ending December 29, 2022 $ 126,357 
2023 177,967 
2024 169,285 
2025 158,326 
2026 149,407 
Thereafter 925,891 
Total minimum lease payments (1) (2) 1,707,233 
Less: amount of lease payments representing interest 445,611 
Present value of future minimum lease payments 1,261,622 
Less: current obligations under leases 109,670 
Long-term lease obligations $ 1,151,952 
(1) Future lease payments exclude approximately $221.1 million of legally binding minimum lease payments for operating leases signed but not yet commenced.
(2) Operating lease payments include $123.4 million related to options to extend lease terms that are reasonably certain of being exercised.