Leases (Tables)

12 Months Ended

Jan. 01, 2023

Lessee, Lease, Description [Line Items]

Summary of the maturity of the Company's operating and finance lease liabilities

The maturity of the Company’s operating and finance lease liabilities as of January 1, 2023 is as follows:

(in thousands) Fiscal year ended	Operating Leases		Finance Leases
Undiscounted lease payments
2023	$	133,942	$	5,734
2024		137,792		5,735
2025		140,910		5,774
2026		141,807		5,699
2027		133,194		5,699
Thereafter		1,619,510		216,541
Total undiscounted lease payments		2,307,155		245,182
Present value adjustment		1,058,079		168,544
Total net lease liabilities	$	1,249,076	$	76,638

Summary of the supplemental disclosure for the statement of cash flows related to operating and finance leases

The following information represents supplemental disclosure for the statement of cash flows related to operating and finance leases:

	For the Fiscal Year Ended
(in thousands)	January 1, 2023			January 2, 2022			January 3, 2021
Cash flows from operating activities:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(118,269	)	$	(86,523	)	$	(67,412	)
Interest payments for finance leases		(5,002	)		(5,037	)		(5,112	)
Cash flows from financing activities:
Principal payments for finance leases	$	(528	)	$	(281	)	$	(230	)
Supplemental disclosures of non-cash investing and financing activities:
Operating lease assets obtained in exchange for new operating lease liabilities	$	133,743		$	170,105		$	67,235
Acquisitions of property and equipment under finance leases		12,315			—			—

Summary of the additional information related to operating and finance leases

The following summarizes additional information related to operating and finance leases:

	As of
	January 1, 2023	January 2, 2022
Weighted-average remaining lease term
Finance leases	43 years	44 years
Operating leases	17 years	18 years
Weighted-average discount rate
Finance leases	7.29%	7.00%
Operating leases	7.93%	8.06%

Summary of the Company's estimated future undiscounted lease payments for current leases

The following summarizes the Company’s estimated future undiscounted lease payments for current leases signed but not commenced, including properties where the SHD team is acting as the construction manager:

(in thousands)	Operating Leases Under
Fiscal year ended	Construction
Estimated total undiscounted lease payments
2023	$	4,342
2024		27,252
2025		59,323
2026		73,904
2027		77,513
Thereafter		1,229,816
Total undiscounted lease payments expected for leases signed but not commenced	$	1,472,150

DTLA Property [Member]

Lessee, Lease, Description [Line Items]

Summary of the supplemental disclosure for the statement of cash flows related to operating and finance leases

The following information represents supplemental disclosure for the statement of cash flows related to the financing obligation for the DTLA property:

	For the Fiscal Year Ended
(in thousands)	January 1, 2023			January 2, 2022			January 3, 2021
Cash flows from operating activities
Interest payments for financing obligation	$	(6,894	)	$	(5,626	)	$	(6,626	)
Cash flows from investing activities
Capitalized interest	$	—		$	—		$	—
Purchase of property and equipment		—			—			—
Cash flows from financing activities
Principal payments on financing obligation	$	(1,578	)	$	(1,334	)	$	—
Proceeds from financing obligation		—			—			3,652

Summary of the company's future undiscounted finance lease

The following summarizes the Company's future undiscounted lease payments for the DTLA property:

(in thousands)	Financing Obligation
Fiscal year ended
Undiscounted lease payments
2023	$	7,031
2024		7,172
2025		7,316
2026		7,462
2027		7,611
Thereafter		116,442
Total undiscounted lease payments		153,034
Present value adjustment		76,795
Total net financing obligation	$	76,239