

Commitments Due by Period				Within		2 to		4 to		After
(thousands)		Total		1 Year		3 Years		5 Years		5 Years
Principal payments on long-term debt	$	190,000					$	190,000
Finance lease commitments/financing obligations ^(a)		516,579	$	55,389	$	109,892		100,486	$	250,812
Operating lease commitments ^(a)		239,546		36,451		66,066		53,575		83,454
Accrued rent		1,807		1,563		132		42		70
Other liabilities		1,133		800		333		—		—
Total	$	949,065	$	94,203	$	176,423	$	344,103	$	334,336

(a) Finance and operating lease commitments represent future undiscounted lease payments and include $108.4 million and $61.0 million, respectively, related to options to extend lease terms that are reasonably certain of being exercised.

During 2021, we negotiated rent deferrals, with repayment at later dates, for a significant number of our store leases. These concessions provide a deferral of rent payments with no substantive changes to the original contract. Consistent with updated guidance from the FASB in April 2020, we have elected to treat the rent deferrals as accrued liabilities. The accrued rent reflected in the table above includes $0.8 million related to rent deferrals due primarily in the first and second quarter of 2022 and $1.0 million due to timing of other lease related expenses. We will continue to recognize expense during the deferral periods.

In addition, during 2021, we negotiated rent reductions with certain landlords on approximately 23 percent of our lease contracts in exchange for extending our current lease term. As these agreements represent substantive changes to our contractual obligations, the leases were remeasured. As a result, finance lease and financing obligation assets, net and finance leases and financing obligations were increased by $67.7 million and $64.0 million, respectively, and operating lease assets, net and operating lease liabilities were increased by $16.2 million and $20.0 million, respectively. The negotiated terms were generally consistent with terms of normal renewal agreements.

We believe that we can fulfill our commitments utilizing our cash flow from operations and, if necessary, cash on hand and/or bank financing.

We are currently a party to various claims and legal proceedings incidental to the conduct of our business. If management believes that a loss arising from any of these matters is probable and can reasonably be estimated, we will record the amount of the loss, or the minimum estimated liability when the loss is estimated using a range, and no point within the range is more probable than another. As additional information becomes available, any potential liability related to these matters is assessed and the estimates are revised, if necessary. Litigation is subject to inherent uncertainties, and unfavorable rulings could occur and may include monetary damages. If an unfavorable ruling were to occur, there exists the possibility of a material adverse impact on the financial position and results of operations of the period in which any such ruling occurs, or in future periods.

As disclosed in Part I, Item 3, “Legal Proceedings,” an action has been brought against us by an individual seeking to represent a putative class of store managers for unpaid overtime wages, damages and attorneys’ fees under the Fair Labor Standards Act and class certification under Pennsylvania law for alleged violations of state wage payment laws. Plaintiff alleges that improper deductions were made from store managers’ pay.