Lessee, Leases (Notes)

12 Months Ended

Dec. 26, 2020

Lessee Disclosure [Abstract]

Lessee, Operating Leases [Text Block]

Lessee

In 2019, the Company adopted the ASU requiring the lease rights and obligations arising from existing and new lease agreements be recognized as assets and liabilities on the balance sheet. The Company adopted the ASU on a modified retrospective basis and elected the transitional provisions eliminating the requirement to restate reporting periods prior to the date of adoption. The adoption of the ASU did not have a material effect on the Company’s results of operations and had no effect on the Company’s cash flows.

Following is a summary of finance lease right-of-use assets included in net property, plant and equipment and finance lease liabilities included in other accrued expenses and other noncurrent liabilities as of December 26, 2020 and December 28, 2019.

	2020			2019
	(Amounts are in thousands)
Finance lease right-of-use assets		$	291,556		154,217
Finance lease liabilities:
Current		25,254			29,480
Noncurrent		246,411			104,806

Lease expense for 2020 and 2019 was as follows:

	2020			2019
	(Amounts are in thousands)
Operating lease expense		$	443,063		434,555
Finance lease expense:
Amortization of right-of-use assets		9,850			8,128
Interest on lease liabilities		4,651			3,105
Variable lease expense		159,236			147,463
Sublease rental income		(2,819)			(2,874)
		$	613,981		590,377

Supplemental cash flow information related to leases for 2020 and 2019 was as follows:

	2020			2019
	(Amounts are in thousands)
Operating cash flows from rent paid for operating lease liabilities		$	436,988		422,596
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases		364,757			463,727
Finance leases		174,307			65,539

The weighted average remaining lease term and weighted average discount rate as of December 26, 2020 and December 28, 2019 are as follows:

	2020			2019
Weighted average remaining lease term:
Operating leases		12 years			12 years
Finance leases		19 years			18 years
Weighted average discount rate:
Operating leases		3.4	%		3.5	%
Finance leases		3.3	%		3.9	%

Maturities of lease liabilities as of December 26, 2020 are as follows:

Year	Operating Leases		Finance Leases
	(Amounts are in thousands)
2021	$	438,358	32,962
2022	414,464		18,163
2023	372,632		32,879
2024	326,523		17,194
2025	275,623		17,194
Thereafter	1,797,109		233,575
	3,624,709		351,967
Less: Imputed interest	(690,646)		(80,302)
	$	2,934,063	271,665

As of December 26, 2020, the Company has lease agreements that have not yet commenced with fixed lease payments totaling $359,498,000. These leases will commence in future periods with terms ranging up to 20 years.

Prior to the adoption of the ASU, minimum rentals represented fixed lease obligations, including insurance and maintenance to the extent they were fixed in the lease. Contingent rentals represented variable lease obligations, including real estate taxes, insurance, maintenance and, for certain locations, excess rent. The Company recognized rent expense for operating leases with rent escalation clauses on a straight-line basis over the applicable lease term.

Total rental expense for 2018 was as follows:

		2018
	(Amounts are in thousands)
Minimum rentals		$	449,138
Contingent rentals		133,382
Sublease rental income		(4,339)
		$	578,181

Lessee, Finance Leases [Text Block]

Lessee

In 2019, the Company adopted the ASU requiring the lease rights and obligations arising from existing and new lease agreements be recognized as assets and liabilities on the balance sheet. The Company adopted the ASU on a modified retrospective basis and elected the transitional provisions eliminating the requirement to restate reporting periods prior to the date of adoption. The adoption of the ASU did not have a material effect on the Company’s results of operations and had no effect on the Company’s cash flows.

Following is a summary of finance lease right-of-use assets included in net property, plant and equipment and finance lease liabilities included in other accrued expenses and other noncurrent liabilities as of December 26, 2020 and December 28, 2019.

	2020			2019
	(Amounts are in thousands)
Finance lease right-of-use assets		$	291,556		154,217
Finance lease liabilities:
Current		25,254			29,480
Noncurrent		246,411			104,806

Lease expense for 2020 and 2019 was as follows:

	2020			2019
	(Amounts are in thousands)
Operating lease expense		$	443,063		434,555
Finance lease expense:
Amortization of right-of-use assets		9,850			8,128
Interest on lease liabilities		4,651			3,105
Variable lease expense		159,236			147,463
Sublease rental income		(2,819)			(2,874)
		$	613,981		590,377

Supplemental cash flow information related to leases for 2020 and 2019 was as follows:

	2020			2019
	(Amounts are in thousands)
Operating cash flows from rent paid for operating lease liabilities		$	436,988		422,596
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases		364,757			463,727
Finance leases		174,307			65,539

The weighted average remaining lease term and weighted average discount rate as of December 26, 2020 and December 28, 2019 are as follows:

	2020			2019
Weighted average remaining lease term:
Operating leases		12 years			12 years
Finance leases		19 years			18 years
Weighted average discount rate:
Operating leases		3.4	%		3.5	%
Finance leases		3.3	%		3.9	%

Maturities of lease liabilities as of December 26, 2020 are as follows:

Year	Operating Leases		Finance Leases
	(Amounts are in thousands)
2021	$	438,358	32,962
2022	414,464		18,163
2023	372,632		32,879
2024	326,523		17,194
2025	275,623		17,194
Thereafter	1,797,109		233,575
	3,624,709		351,967
Less: Imputed interest	(690,646)		(80,302)
	$	2,934,063	271,665

As of December 26, 2020, the Company has lease agreements that have not yet commenced with fixed lease payments totaling $359,498,000. These leases will commence in future periods with terms ranging up to 20 years.

Prior to the adoption of the ASU, minimum rentals represented fixed lease obligations, including insurance and maintenance to the extent they were fixed in the lease. Contingent rentals represented variable lease obligations, including real estate taxes, insurance, maintenance and, for certain locations, excess rent. The Company recognized rent expense for operating leases with rent escalation clauses on a straight-line basis over the applicable lease term.

Total rental expense for 2018 was as follows:

		2018
	(Amounts are in thousands)
Minimum rentals		$	449,138
Contingent rentals		133,382
Sublease rental income		(4,339)
		$	578,181