Leases (Tables)

9 Months Ended

Sep. 28, 2019

Leases [Abstract]

Lease, Cost

The following table summarizes the Company’s classification of lease cost (in thousands):

		Fiscal Three Months Ended		Fiscal Nine Months Ended
	Statement of Income Location	September 28, 2019		September 28, 2019
Finance lease cost:
Amortization of lease assets	Depreciation and amortization	$	1,075	$	3,165
Interest on lease liabilities	Interest expense, net	407		1,207
Operating lease cost	Selling, general and administrative expenses	88,820		262,838
Variable lease cost	Selling, general and administrative expenses	18,394		55,545
Net lease cost		$	108,696	$	322,755

Lessee, Operating Lease, Future Maturity of Lease Liabilities

The following table summarizes the future maturities of the Company’s lease liabilities (in thousands):

	Operating Leases (a)			Finance Leases			Total
2019 (b)	$	92,364		$	1,364		$	93,728
2020	358,275			5,471			363,746
2021	337,373			5,531			342,904
2022	313,814			4,409			318,223
2023	289,207			3,217			292,424
After 2023	1,348,926			23,000			1,371,926
Total lease payments	2,739,959			42,992			2,782,951
Less: Interest	(503,558		)	(9,934		)	(513,492		)
Present value of lease liabilities	$	2,236,401		$	33,058		$	2,269,459

(a) Operating lease payments exclude $168.6 million of legally binding minimum lease payments for leases signed, but not yet commenced.

(b) Excluding the nine-month period ended September 28, 2019.

Finance Lease, Liability, Future Maturity of Lease Liabilities

The following table summarizes the future maturities of the Company’s lease liabilities (in thousands):

	Operating Leases (a)			Finance Leases			Total
2019 (b)	$	92,364		$	1,364		$	93,728
2020	358,275			5,471			363,746
2021	337,373			5,531			342,904
2022	313,814			4,409			318,223
2023	289,207			3,217			292,424
After 2023	1,348,926			23,000			1,371,926
Total lease payments	2,739,959			42,992			2,782,951
Less: Interest	(503,558		)	(9,934		)	(513,492		)
Present value of lease liabilities	$	2,236,401		$	33,058		$	2,269,459

(a) Operating lease payments exclude $168.6 million of legally binding minimum lease payments for leases signed, but not yet commenced.

(b) Excluding the nine-month period ended September 28, 2019.

Leases, Term and Discount Rate

The following table summarizes the Company’s lease term and discount rate:

	September 28, 2019
Weighted-average remaining lease term (years):
Finance leases	9.8
Operating leases	8.9
Weighted-average discount rate:
Finance leases	5.2	%
Operating leases	4.4	%

Leases, Cash Flow Supplemental Disclosure

The following table summarizes the other information related to the Company’s lease liabilities (in thousands):

	Fiscal Three Months Ended		Fiscal Nine Months Ended
	September 28, 2019		September 28, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Financing cash flows from finance leases	$	936	$	2,741
Operating cash flows from finance leases	388		1,188
Operating cash flows from operating leases	88,820		251,800

Schedule of Future Minimum Lease Payments for Capital Leases

As of December 29, 2018 future minimum payments, by year and in the aggregate, under leases with initial or remaining terms of one year or more consisted of the following (in thousands):

	Capital Leases			Operating Leases
2019	$	5,215		$	344,836
2020	5,234			328,589
2021	5,294			306,572
2022	4,172			284,327
2023	2,980			260,518
Thereafter	20,169			1,175,972
Total minimum lease payments	43,064			$	2,700,814
Amount representing interest	(10,148		)
Present value of minimum lease payments	32,916
Less: current portion	(3,646		)
Long-term capital lease obligations	$	29,270

Schedule of Future Minimum Rental Payments for Operating Leases

As of December 29, 2018 future minimum payments, by year and in the aggregate, under leases with initial or remaining terms of one year or more consisted of the following (in thousands):

	Capital Leases			Operating Leases
2019	$	5,215		$	344,836
2020	5,234			328,589
2021	5,294			306,572
2022	4,172			284,327
2023	2,980			260,518
Thereafter	20,169			1,175,972
Total minimum lease payments	43,064			$	2,700,814
Amount representing interest	(10,148		)
Present value of minimum lease payments	32,916
Less: current portion	(3,646		)
Long-term capital lease obligations	$	29,270