Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.22.2
Commitments and Contingencies (Tables)
6 Months Ended
Jun. 30, 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 Twenty-six Weeks Ended
in thousands Classification June 30, 2022 July 1, 2021 June 30, 2022 July 1, 2021
Fixed operating lease cost: Selling and store operating $ 35,584  $ 30,820  $ 69,044  $ 59,588 
Cost of sales 6,323  5,656  12,824  11,316 
Pre-opening 2,631  3,020  4,984  4,655 
General and administrative 1,130  1,030  2,271  2,059 
Total fixed operating lease cost $ 45,668  $ 40,526  $ 89,123  $ 77,618 
Variable lease cost (1): Selling and store operating $ 12,703  $ 9,975  $ 24,926  $ 19,751 
Cost of sales 1,236  1,184  2,655  2,592 
Pre-opening 73  240  70 
General and administrative 178  (110) 404  (88)
Total variable lease cost $ 14,190  $ 11,051  $ 28,225  $ 22,325 
Sublease income Cost of sales (680) (597) (1,360) (1,194)
Total operating lease cost (2) $ 59,178  $ 50,980  $ 115,988  $ 98,749 
(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 twenty-six weeks ended June 30, 2022 and July 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 June 30, 2022 were as follows:
in thousands Amount
Twenty-six weeks ending December 29, 2022 $ 83,803 
2023 186,105 
2024 177,128 
2025 165,580 
2026 156,229 
Thereafter 1,013,830 
Total minimum lease payments (1) (2) 1,782,675 
Less: amount of lease payments representing interest 478,465 
Present value of future minimum lease payments 1,304,210 
Less: current obligations under leases 112,987 
Long-term lease obligations $ 1,191,223 
(1) Future lease payments exclude approximately $220.3 million of legally binding minimum lease payments for operating leases signed but not yet commenced.
(2) Operating lease payments include $138.3 million related to options to extend lease terms that are reasonably certain of being exercised.