Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies (Tables)

v3.24.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 28, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Components of Lease Expense
The table below presents components of lease expense for operating leases.
Fiscal Year Ended
in thousands Classification December 28,
2023		 December 29,
2022		 December 30,
2021
Fixed operating lease cost: Selling and store operating $ 157,106  $ 139,603  $ 123,882 
Cost of sales 24,058  25,465  24,170 
Pre-opening 15,171  9,971  10,127 
General and administrative 4,161  4,622  4,359 
Total fixed operating lease cost $ 200,496  $ 179,661  $ 162,538 
Variable lease cost (1):
Selling and store operating $ 57,527  $ 49,605  $ 42,093 
Cost of sales 4,009  3,894  5,506 
Pre-opening 976  666  274 
General and administrative 1,420  787  310 
Total variable lease cost $ 63,932  $ 54,952  $ 48,183 
Sublease income Cost of sales (2,722) (2,722) (2,694)
Total operating lease cost (2)
$ 261,706  $ 231,891  $ 208,027 
(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 28, 2023, December 29, 2022, and December 30, 2021.
Schedule of Future Minimum Lease Payments Under Non Cancelable Operating Leases
Future minimum lease payments under non-cancelable operating leases as of December 28, 2023 were as follows:
in thousands
Amount
2024 $ 201,830 
2025 202,451 
2026 189,438 
2027 179,514 
2028 159,645 
Thereafter
 1,134,470 
Total minimum lease payments (1) (2)
2,067,348 
Less: amount of lease payments representing interest
 639,166 
Present value of future minimum lease payments
 1,428,182 
Less: current obligations under leases
 126,428 
Long-term lease obligations
 $ 1,301,754 
(1)Future lease payments exclude approximately $514.0 million of legally binding minimum lease payments for operating leases signed but not yet commenced.
(2)Operating lease payments include $246.7 million related to options to extend lease terms that are reasonably certain of being exercised.