Lessor, Leases (Notes)

12 Months Ended

Dec. 30, 2023

Lessor Disclosure [Abstract]

Lessor, Operating Leases [Text Block]

(b)    Lessor

The Company leases space in owned shopping centers to tenants under noncancelable operating leases. The Company determines whether a lease exists at inception. Initial lease terms are typically five years followed by five year renewal options and may include rent escalation clauses. Lease income primarily represents fixed lease payments from tenants recognized on a straight-line basis over the applicable lease term. Variable lease income represents tenant payments for real estate taxes, insurance, maintenance and, for certain locations, excess rent.

Following is a summary of total lease income for 2023, 2022 and 2021:

	2023			2022		2021
	(Amounts are in millions)
Lease income		$	193		173		162
Variable lease income		60			49		44
		$	253		222		206

Following is a summary of future fixed lease payments for all noncancelable operating leases as of December 30, 2023:

Year
(Amounts are in millions)
2024	$	198
2025	165
2026	133
2027	99
2028	63
Thereafter	214
	$	872