Leases

12 Months Ended

Dec. 30, 2023

Note 14. Leases

Qualitative disclosures about our leases, including the significant policy elections, can be found in Note 2, Summary of Significant Accounting Policies. The quantitative disclosures are presented below.

Lease costs incurred by lease type, and/or type of payment for Fiscal 2023, 2022 and 2021 were as follows (in thousands):


	Fiscal 2023		Fiscal 2022		Fiscal 2021
Lease cost:
Amortization of right-of-use assets	$	1,703	$	1,705	$	1,751
Interest on lease liabilities		32		93		154
Operating lease cost		62,685		62,115		68,927
Short-term lease cost		3,121		2,897		3,075
Variable lease cost		37,588		33,223		27,120
Total lease cost	$	105,129	$	100,033	$	101,027

Other supplemental quantitative disclosures as of, and for, Fiscal 2023 and Fiscal 2022 were as follows (in thousands):


	Fiscal 2023		Fiscal 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from financing leases	$	32	$	93
Operating cash flows from operating leases	$	62,989	$	57,166
Financing cash flows from financing leases	$	1,819	$	1,597
Right-of-use assets obtained in exchange for new financing lease liabilities	$	34	$	—
Right-of-use assets obtained in exchange for new operating lease liabilities	$	54,997	$	33,559
Weighted-average remaining lease term (years):
Financing leases		1.4		1.1
Operating leases		7.3		7.8
Weighted-average IBR (percentage):
Financing leases		3.0		3.5
Operating leases		4.2		3.8

Estimated undiscounted future lease payments under non-cancelable operating leases and financing leases, along with a reconciliation of the undiscounted cash flows to operating and financing lease liabilities, respectively, as of December 30, 2023 (in thousands) were as follows:


	Operating lease liabilities			Financing lease liabilities
2024	$	64,060		$	205
2025		62,089			18
2026		44,564			7
2027		37,218			3
2028		28,237			—
Thereafter		103,373			—
Total minimum lease payments		339,541			233
Less: amount of lease payments representing interest		(55,162	)		(111	)
Present value of future minimum lease payments		284,379			122
Less: current obligations under leases		(47,507	)		(99	)
Long-term lease obligations	$	236,872		$	23

The following table details lease modifications and renewals and lease impairments (amounts in thousands):


	Fiscal 2023		Fiscal 2022
Lease modifications and renewals	$	33,041	$	28,278
Lease terminations	$	361	$	6,035

The lease modifications and renewals for Fiscal 2023 include $10.6 million related to a 10 year extension for a freezer storage lease. For Fiscal 2022, the lease modifications and renewals include $11.2 million related to a 10 year extension for a warehouse lease.