Leases (Tables)
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12 Months Ended |
Jan. 02, 2021 |
Leases [Abstract] |
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Components of leases |
The components of lease expense were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | Lease Cost | | Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) Location | | Fiscal Year 2020 | | Fiscal Year 2019 | | | Operating lease cost(1) | | SG&A | | $ | 106,004 | | | $ | 117,932 | | | | Finance lease cost: | | | | | | | | | Amortization of ROU assets | | SG&A | | $ | 506 | | | $ | 475 | | | | Interest on lease liabilities | | Interest expense | | $ | 33 | | | $ | 38 | | | | Short-term lease cost | | SG&A | | $ | 610 | | | $ | 1,302 | | | | Variable lease cost | | SG&A | | $ | 22,048 | | | $ | 36,476 | | | |
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(1) Includes sublease income, which was immaterial. The following table discloses supplemental balance sheet information for the Company’s leases (in thousands): | | | | | | | | | | | | | | | | | | | | | Leases | | Consolidated Balance Sheets Location | | January 2, 2021 | | December 28, 2019 | Assets | | | | | | | Operating | | Operating lease right-of-use assets | | $ | 226,815 | | | $ | 288,166 | | Finance | | Property, plant and equipment - net of accumulated depreciation of $4,882 and $4,015 at January 2, 2021 and December 28, 2019, respectively | | $ | 5,991 | | | $ | 5,918 | | | | | | | | | Liabilities | | | | | | | Current: | | | | | | | Operating | | Current operating lease liabilities | | $ | 64,851 | | | $ | 68,838 | | Finance | | Short-term and current portion of long-term debt | | $ | 1,088 | | | $ | 1,011 | | Noncurrent: | | | | | | | Operating | | Long-term operating lease liabilities | | $ | 230,635 | | | $ | 288,689 | | Finance | | Long-term debt | | $ | 569 | | | $ | 1,468 | |
The following table discloses the weighted-average remaining lease term and weighted-average discount rate for the Company's leases: | | | | | | | | | | | | | | | Lease Term and Discount Rate | | January 2, 2021 | | December 28, 2019 | Weighted-average remaining lease term: | | | | | Operating leases | | 5.9 years | | 6.1 years | Finance leases | | 1.2 years | | 2.3 years | Weighted-average discount rate: | | | | | Operating leases | | 14.0 | % | | 13.9 | % | Finance leases | | 1.2 | % | | 1.2 | % |
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Maturity of lease liabilities |
Future minimum lease payments by year as of January 2, 2021 were as follows (in thousands): | | | | | | | | | | | | | | | Fiscal Year | | Operating Leases | | Finance Leases | 2021 | | $ | 101,507 | | | $ | 1,095 | | 2022 | | 85,753 | | | 569 | | 2023 | | 66,909 | | | — | | 2024 | | 46,656 | | | — | | 2025 | | 33,012 | | | — | | Thereafter | | 122,318 | | | — | | Total lease payments | | $ | 456,155 | | | $ | 1,664 | | Less: Interest | | 160,669 | | | 6 | | Total lease obligations | | $ | 295,486 | | | $ | 1,658 | |
Future minimum lease payments by year as of December 28, 2019 were as follows (in thousands): | | | | | | | | | | | | | | | Fiscal Year | | Operating Leases | | Finance Leases | 2020 | | $ | 116,778 | | | $ | 1,042 | | 2021 | | 94,795 | | | 978 | | 2022 | | 81,536 | | | 488 | | 2023 | | 64,582 | | | — | | 2024 | | 45,846 | | | — | | Thereafter | | 153,255 | | | — | | Total lease payments | | $ | 556,792 | | | $ | 2,508 | | Less: Interest | | 199,265 | | | 30 | | Finance lease obligations | | $ | 357,527 | | | $ | 2,478 | |
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Maturity of lease liabilities |
Future minimum lease payments by year as of January 2, 2021 were as follows (in thousands): | | | | | | | | | | | | | | | Fiscal Year | | Operating Leases | | Finance Leases | 2021 | | $ | 101,507 | | | $ | 1,095 | | 2022 | | 85,753 | | | 569 | | 2023 | | 66,909 | | | — | | 2024 | | 46,656 | | | — | | 2025 | | 33,012 | | | — | | Thereafter | | 122,318 | | | — | | Total lease payments | | $ | 456,155 | | | $ | 1,664 | | Less: Interest | | 160,669 | | | 6 | | Total lease obligations | | $ | 295,486 | | | $ | 1,658 | |
Future minimum lease payments by year as of December 28, 2019 were as follows (in thousands): | | | | | | | | | | | | | | | Fiscal Year | | Operating Leases | | Finance Leases | 2020 | | $ | 116,778 | | | $ | 1,042 | | 2021 | | 94,795 | | | 978 | | 2022 | | 81,536 | | | 488 | | 2023 | | 64,582 | | | — | | 2024 | | 45,846 | | | — | | Thereafter | | 153,255 | | | — | | Total lease payments | | $ | 556,792 | | | $ | 2,508 | | Less: Interest | | 199,265 | | | 30 | | Finance lease obligations | | $ | 357,527 | | | $ | 2,478 | |
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Supplemental Cash Flow Information |
Supplemental cash flow information related to leases was as follows (in thousands): | | | | | | | | | | | | | Fiscal Year 2020 | | Fiscal Year 2019 | Cash paid for amounts included in the measurement of lease liabilities: | | | | Operating cash flows from operating leases | $ | 131,499 | | | $ | 116,846 | | Operating cash flows from finance leases | 33 | | | 38 | | Financing cash flows from finance leases | 1,051 | | | 945 | | Leased assets obtained in exchange for new finance lease liabilities | 49 | | | 83 | | Leased assets obtained in exchange for new operating lease liabilities | 26,474 | | | 41,510 | |
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