Leases, Supplemental Lease Liability - USD ($) $ in Thousands |
12 Months Ended |
Dec. 25, 2021 |
Dec. 26, 2020 |
Supplemental, Lease Liability [Line Items] |
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Operating Lease, Payments, Use |
$ 404,864
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$ 385,529
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Finance Lease, Principal Payments |
4,580
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4,170
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Finance Lease, Interest Payment on Liability |
$ 1,740
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$ 1,765
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Lease, Cost |
The following table summarizes the Company’s classification of lease cost (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Fiscal Year Ended | | | Statement of Income Location | | December 25, 2021 | | December 26, 2020 | Finance lease cost: | | | | | | | Amortization of lease assets | | Depreciation and amortization | | $ | 5,085 | | | $ | 4,765 | | Interest on lease liabilities | | Interest expense, net | | 1,740 | | | 1,765 | | Operating lease cost | | Selling, general and administrative expenses | | 400,908 | | | 379,318 | | Variable lease cost | | Selling, general and administrative expenses | | 79,479 | | | 80,154 | | Net lease cost | | | | $ | 487,212 | | | $ | 466,002 | |
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Lessee, Operating Lease, Liability, Maturity |
The following table summarizes the future maturities of the Company’s lease liabilities (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | Operating Leases (a) | | Finance Leases | | Total | 2022 | | $ | 418,059 | | | $ | 5,542 | | | $ | 423,601 | | 2023 | | 406,847 | | | 4,382 | | | 411,229 | | 2024 | | 383,843 | | 4,397 | | 388,240 | 2025 | | 360,302 | | 4,324 | | 364,627 | 2026 | | 326,304 | | 4,294 | | 330,599 | After 2026 | | 1,540,093 | | 23,281 | | 1,563,375 | Total lease payments | | 3,435,449 | | 46,220 | | 3,481,669 | Less: Interest | | (539,283) | | | (9,475) | | | (548,758) | | Present value of lease liabilities | | $ | 2,896,167 | | | $ | 36,745 | | | $ | 2,932,912 | |
(a) Operating lease payments exclude $239.2 million of legally binding minimum lease payments for leases signed, but not yet commenced.
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Lessee, Operating Lease, Disclosure |
The following table summarizes the Company’s lease term and discount rate: | | | | | | | | | | | | | | | | | December 25, 2021 | | December 26, 2020 | Weighted-average remaining lease term (years): | | | | | Finance leases | | 10.5 | | 10.4 | Operating leases | | 10.0 | | 9.1 | Weighted-average discount rate: | | | | | Finance leases | | 4.8 | % | | 4.9 | % | Operating leases | | 3.6 | % | | 4.1 | % |
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Schedule of Cash Flow, Supplemental Disclosures |
The following table summarizes the other information related to the Company’s lease liabilities (in thousands): | | | | | | | | | | | | | | | | | Fiscal Year Ended | | | December 25, 2021 | | December 26, 2020 | Cash paid for amounts included in the measurement of lease liabilities: | | | | | Financing cash flows used for finance leases | | $ | 4,580 | | | $ | 4,170 | | Operating cash flows used for finance leases | | 1,740 | | | 1,765 | | Operating cash flows for operating leases | | 404,864 | | | 385,529 | |
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