Leases (Tables)

8 Months Ended

May 09, 2020

Leases [Abstract]

Balance Sheet Information Related to Leases

(in thousands)	Classification	May 9, 2020
Assets:
Operating	Operating lease right-of-use assets	$	2,613,849
Finance	Property and equipment		291,873
Total lease assets		$	2,905,722
Liabilities:
Current:
Operating	Current portion of operating lease liabilities	$	236,759
Finance	Accrued expenses and other		58,018
Noncurrent:
Operating	Operating lease liabilities, less current portion		2,481,280
Finance	Other long-term liabilities		126,258
Total lease liabilities		$	2,902,315

Lease Cost

		Twelve		Thirty-Six
		Weeks Ended		Weeks Ended
(in thousands)	Statement of Income Location	May 9, 2020		May 9, 2020
Finance lease cost:
Amortization of lease assets	Depreciation and amortization	$	13,044	$	38,572
Interest on lease liabilities	Interest expense, net		933		3,600
Operating lease cost(1)	Selling, general and administrative expenses		82,258		244,454
Total lease cost		$	96,235	$	286,626

(1) Includes short-term leases, variable lease costs and sublease income, which are immaterial.

Summary of the Future Maturities of the Company's Lease Liabilities

The future rental payments, inclusive of renewal options that have been included in defining the expected lease term, of our operating and finance lease obligations as of May 9, 2020 having initial or remaining lease terms in excess of one year are as follows:

	Finance		Operating
(in thousands)	Leases		Leases		Total
2020	$	15,052	$	79,958	$	95,010
2021		61,531		320,888		382,419
2022		49,532		317,806		367,338
2023		34,827		298,900		333,727
2024		12,837		275,164		288,001
Thereafter		38,271		2,246,943		2,285,214
Total lease payments		212,050		3,539,659		3,751,709
Less: Interest		(27,774)		(821,620)		(849,394)
Present value of lease liabilities	$	184,276	$	2,718,039	$	2,902,315

Information on Lease Term and Discount Rate

	May 9, 2020
Weighted-average remaining lease term in years, inclusive of renewal options that are reasonably certain to be exercised
Finance leases – real estate	30
Finance leases – vehicles	3
Operating leases	15
Weighted-average discount rate:
Finance leases – real estate	3.24	%
Finance leases – vehicles	2.70	%
Operating leases	3.43	%

Other Information Related to Lease Liabilities

	Thirty-Six
	Weeks Ended
(in thousands)	May 9, 2020
Cash paid for amounts included in the measurement of lease liabilities – operating cash flows from operating leases	$	98,356
Leased assets obtained in exchange for new finance lease liabilities		48,236
Leased assets obtained in exchange for new operating lease liabilities		163,066