Leases (Tables)

12 Months Ended

Jan. 01, 2022

Leases [Abstract]

Schedule of balance sheet classifications

The balance sheet classification of our right-of-use lease assets and lease liabilities was as follows (amounts in thousands):

Leases	Classification	January 1, 2022		January 2, 2021
Assets:
Operating lease assets	Operating right-of-use assets	$	898,152	$	835,397
Finance lease assets	Other assets	6,896		5,973
Total lease assets		$	905,048	$	841,370
Liabilities:
Current
Operating	Current lease liabilities	$	49,861	$	47,730
Finance	Current lease liabilities	1,275		945
Noncurrent
Operating	Long-term lease liabilities	956,104		876,329
Finance	Long-term lease liabilities	5,642		5,109
Total lease liabilities		$	1,012,882	$	930,113

Schedule of lease cost

The components of lease expense were as follows (amounts in thousands):

		Fiscal Year Ended
Lease Cost	Classification (1)	January 1, 2022		January 2, 2021		December 28, 2019
Operating lease cost	Selling, general and administrative expenses	$	123,799	$	112,096	$	99,237
Finance lease cost:
Amortization of right-of-use assets	Depreciation and amortization	1,249		964		817
Interest on leased liabilities	Interest expense, net	378		376		263
Variable lease cost	Selling, general and administrative expenses	547		700		668
Sublease income	Selling, general and administrative expenses	(1,114)		(972)		(1,248)
Net lease cost		$	124,859	$	113,164	$	99,737

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(1)Certain supply chain related lease costs herein are included in cost of sales.

Schedule of maturities of lease liabilities

Maturities of lease liabilities as of January 1, 2022 were as follows (amounts in thousands):

	Operating Leases		Finance Leases		Total
Fiscal 2022	$	113,191	$	1,605	$	114,796
Fiscal 2023	126,143		1,503		127,646
Fiscal 2024	125,713		1,438		127,151
Fiscal 2025	124,371		1,207		125,578
Fiscal 2026	123,687		839		124,526
Thereafter	832,129		1,486		833,615
Total lease payments	1,445,234		8,078		$	1,453,312
Less: Imputed interest	(439,269)		(1,161)
Present value of lease liabilities	$	1,005,965	$	6,917

Schedule of maturities of lease liabilities

Maturities of lease liabilities as of January 1, 2022 were as follows (amounts in thousands):

	Operating Leases		Finance Leases		Total
Fiscal 2022	$	113,191	$	1,605	$	114,796
Fiscal 2023	126,143		1,503		127,646
Fiscal 2024	125,713		1,438		127,151
Fiscal 2025	124,371		1,207		125,578
Fiscal 2026	123,687		839		124,526
Thereafter	832,129		1,486		833,615
Total lease payments	1,445,234		8,078		$	1,453,312
Less: Imputed interest	(439,269)		(1,161)
Present value of lease liabilities	$	1,005,965	$	6,917

Schedule of supplemental cash flow information

The weighted-average lease terms and discount rates of operating and finance leases were as follows:

	January 1, 2022		January 2, 2021
Weighted-average remaining lease term:
Operating leases	11.6 years		12.0 years
Finance leases	5.8 years		6.7 years
Weighted-average discount rate:
Operating leases	6.46	%	6.91	%
Finance leases	5.36	%	6.08	%

Supplemental cash flow information related to leases was as follows (amounts in thousands):

	Fiscal Year Ended
	January 1, 2022		January 2, 2021		December 28, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	113,886	$	101,245	$	88,362
Operating cash flows from finance leases	$	378	$	378	$	337
Finance cash flows from finance leases	$	1,155	$	821	$	675
Leased assets obtained in exchange for new lease liabilities — adoption	$	—	$	—	$	664,882
Leased assets obtained in exchange for new operating lease liabilities	$	139,663	$	166,018	$	155,986
Leased assets obtained in exchange for new finance lease liabilities	$	2,019	$	883	$	—