Leases

4 Months Ended

Apr. 24, 2021

4. LEASES

The company’s leases consist of the following types of assets: two bakeries, corporate office space, warehouses, bakery equipment, transportation and IT equipment. The quantitative disclosures for our leases follow below.

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

	For the Sixteen Weeks Ended
	April 24, 2021		April 18, 2020
Lease modifications and renewals	$	34,325	$	2,555
Lease impairments	$	—	$	90
Lease terminations	$	317	$	110

The lease modifications and renewals include $28.9 million related to a five year extension for one of our freezer storage leases.

Lease costs incurred by lease type, and/or type of payment, and other supplemental quantitative disclosures as of and for the sixteen weeks ended April 24, 2021 and April 18, 2020 were as follows (amounts in thousands):

	For the Sixteen Weeks Ended
	April 24, 2021		April 18, 2020
Lease cost:
Amortization of right-of-use assets	$	542	$	2,303
Interest on lease liabilities		54		286
Operating lease cost		21,433		22,129
Short-term lease cost		951		596
Variable lease cost		6,886		7,812
Total lease cost	$	29,866	$	33,126

	For the Sixteen Weeks Ended
	April 24, 2021		April 18, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from financing leases	$	54	$	286
Operating cash flows from operating leases	$	18,348	$	23,299
Financing cash flows from financing leases	$	423	$	2,180
Right-of-use assets obtained in exchange for new financing lease liabilities	$	—	$	40
Right-of-use assets obtained in exchange for new operating lease liabilities	$	34,554	$	2,522

Weighted-average remaining lease term (years):
Financing leases			2.8
Operating leases			8.9
Weighted-average IBR (percentage):
Financing leases			3.5
Operating leases			3.9

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 April 24, 2021 (in thousands) were as follows:

	Operating lease liabilities			Financing lease liabilities
Remainder of 2021	$	50,758		$	1,429
2022		58,838			1,747
2023		53,795			1,886
2024		45,780			74
2025		44,027			3
2026 and thereafter		172,818			—
Total minimum lease payments		426,016			5,139
Less: amount of lease payments representing interest		(70,807	)		(230	)
Present value of future minimum lease payments		355,209			4,909
Less: current obligations under leases		(49,485	)		(1,760	)
Long-term lease obligations	$	305,724		$	3,149