Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Components of Lease Cost

Lease cost includes both the fixed and variable expenses recorded for leases. The components of lease cost are as follows:

		Year Ended
	Classification	December 31, 2023			January 1, 2023			January 2, 2022
Operating lease cost	Selling, general and administrative expenses (1), (2)	$	232,745		$	204,559		$	196,602
Finance lease cost:
Amortization of Property    and Equipment	Depreciation and amortization		1,062			966			966
Interest on lease liabilities	Interest expense		816			852			906
Variable lease cost	Selling, general and administrative expenses (1), (2)		70,197			65,979			60,763
Sublease income	Selling, general and administrative expenses		(832	)		(833	)		(839	)
Total net lease cost		$	303,988		$	271,523		$	258,398

(1)Supply chain-related amounts of $18.2 million, $12.4 million and $10.6 million were included in cost of sales for 2023, 2022 and 2021, respectively.

(2)Lease cost related to closed store locations of $6.3 million, $1.3 million and $0.7 million were included in Store closure and other costs, net for 2023, 2022 and 2021, respectively.

Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases is as follows:

		As Of
	Classification	December 31, 2023		January 1, 2023
Assets
Operating	Operating lease assets	$	1,322,854	$	1,106,524
Finance	Property and equipment, net		7,127		7,285
Total lease assets		$	1,329,981	$	1,113,809
Liabilities
Current:
Operating	Current portion of operating lease liabilities	$	126,271	$	135,584
Finance	Current portion of finance lease liabilities		1,032		1,012
Noncurrent:
Operating	Long-term operating lease liabilities		1,399,676		1,145,173
Finance	Long-term debt and finance lease liabilities		8,685		8,902
Total lease liabilities		$	1,535,664	$	1,290,671

	2023			2022			2021
Weighted average remaining lease term (years):
Operating leases		10.0			9.4			9.6
Finance leases		6.7			7.8			8.8
Weighted average discount rate:
Operating leases		7.2	%		7.1	%		6.7	%
Finance leases		8.3	%		8.4	%		8.4	%

Supplemental Cash Flow and Other Information Related to Leases

Supplemental cash flow and other information related to leases is as follows:

	Year Ended
	December 31, 2023		January 1, 2023		January 2, 2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows for operating leases	$	228,411	$	207,516	$	182,926
Operating cash flows for finance leases		816		852		906
Lease assets obtained in exchange for lease liabilities:
Finance leases	$	809	$	—	$	—
Operating leases		364,997		157,269		139,349

Summary of Maturities of Lease Liabilities

A summary of maturities of lease liabilities is as follows:

	Operating Leases(1), (2)			Finance Leases			Total
2024	$	208,602		$	1,780		$	210,382
2025		267,082			2,107			269,189
2026		231,900			1,945			233,845
2027		215,856			2,032			217,888
2028		185,758			1,766			187,524
Thereafter		1,072,847			3,241			1,076,088
Total lease payments		2,182,045			12,871			2,194,916
Less: Imputed interest		(656,098	)		(3,154	)		(659,252	)
Total lease liabilities		1,525,947			9,717			1,535,664
Less: Current portion		(126,271	)		(1,032	)		(127,303	)
Long-term lease liabilities	$	1,399,676		$	8,685		$	1,408,361

(1)Operating lease payments include $62.5 million related to periods covered by options to extend lease terms that are reasonably certain of being exercised and exclude $584.1 million of legally binding minimum lease payments for leases executed but not yet commenced.

(2)These amounts include rental income related to subtenant agreements under which we will receive $1.1 million in 2024, $0.9 million in 2025, $0.8 million in 2026, $0.7 million in 2027, $0.3 million in 2028 and $0.1 million thereafter.