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Leases (Tables)
9 Months Ended
Sep. 29, 2024
Leases [Abstract]  
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 September 29, 2024 is as follows:

 

(in thousands)
Fiscal year ended

Operating
Leases

 

 

Finance
Leases

 

Undiscounted lease payments

 

 

 

 

 

Remainder of 2024

$

39,735

 

 

$

1,593

 

2025

 

164,403

 

 

 

6,451

 

2026

 

166,833

 

 

 

6,449

 

2027

 

158,797

 

 

 

6,426

 

2028

 

156,725

 

 

 

6,380

 

Thereafter

 

1,806,882

 

 

 

233,115

 

Total undiscounted lease payments

 

2,493,375

 

 

 

260,414

 

Present value adjustment

 

(1,087,506

)

 

 

(178,156

)

Total net lease liabilities

$

1,405,869

 

 

$

82,258

 

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 39 Weeks Ended

 

(in thousands)

September 29, 2024

 

 

October 1, 2023

 

Cash flows from operating activities:

 

 

 

 

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

Operating cash flows from operating leases

$

(115,293

)

 

$

(103,386

)

Interest payments for finance leases

 

(4,196

)

 

 

(4,159

)

Cash flows from financing activities:

 

 

 

 

 

Principal payments for finance leases

$

(289

)

 

$

(221

)

Supplemental disclosures of non-cash investing and financing activities:

 

 

 

 

 

Operating lease assets obtained in exchange for new operating lease liabilities

$

71,691

 

 

$

79,631

 

Acquisitions of property and equipment under finance leases

$

179

 

 

$

33

 

Summary of the additional information related to operating and finance leases

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

 

As of

 

September 29, 2024

 

October 1, 2023

Weighted-average remaining lease term

 

 

 

Finance leases

41 years

 

42 years

Operating leases

16 years

 

16 years

Weighted-average discount rate

 

 

 

Finance leases

7.29%

 

7.29%

Operating leases

7.91%

 

7.87%

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

The following summarizes the Company’s estimated future undiscounted lease payments, net of lease incentives, for current leases signed but not commenced, including properties where the SHD team is acting as the construction manager as of September 29, 2024:

(in thousands)

Operating
Leases Under

 

Fiscal year ended

Construction

 

Estimated total undiscounted lease payments, net of lease incentives

 

 

Remainder of 2024

$

 

2025

 

4,763

 

2026

 

9,322

 

2027

 

16,284

 

2028

 

41,620

 

Thereafter

 

992,323

 

Total undiscounted lease payments for leases signed but not commenced, net of lease incentives

$

1,064,311