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Leases (Tables)

3 Months Ended

Mar. 30, 2019

The following table presents the location of the ROU assets and lease liabilities in the Company’s Consolidated Balance Sheet at March 30, 2019:



Leases	Consolidated Balance Sheet Location	March 30, 2019
Assets
Operating lease assets	Other assets	$	102
Financing lease assets	Property and equipment-net⁽¹⁾	352
Total leased assets		$	454

Liabilities
Current:
Operating	Accrued expenses and other current liabilities⁽²⁾	$	29
Financing	Current portion of long-term debt	84
Noncurrent:
Operating	Other long-term liabilities⁽²⁾	102
Financing	Long-term debt	289
Total lease liabilities		$	504


(1)	Financing lease assets are recorded net of accumulated amortization of $222 million as of March 30, 2019.


(2)	Operating lease liabilities include current and noncurrent liabilities of $3 million and $16 million, respectively, related to an unfunded lease obligation on a distribution facility through 2023.

The following table presents the location of lease costs in the Company's Consolidated Statement of Comprehensive Income for the 13-weeks ended March 30, 2019:



Lease Cost	Statement of Comprehensive Income Location	13-Weeks Ended March 30, 2019
Operating lease cost	Distribution, selling and administrative costs	$	7
Financing lease cost:
Amortization of leased assets	Distribution, selling and administrative costs	17
Interest on lease liabilities	Interest expense-net	3
Variable lease cost⁽¹⁾	Distribution, selling and administrative costs	1
Net lease cost		$	28

(1)

Includes short-term leases and sub-lease income, each of which are immaterial.Other information related to lease agreements for the 13-weeks ended March 30, 2019 was as follows:



Cash Paid For Amounts Included In Measurement of Liabilities	13-Weeks Ended March 30, 2019
Operating cash flows from operating leases	$	6
Operating cash flows from financing leases	3
Financing cash flows from financing leases	17



Lease Term and Discount Rate	March 30, 2019
Weighted-average remaining lease term (years):
Operating leases	5.28
Financing leases	5.66
Weighted-average discount rate:
Operating leases	4.4	%
Financing leases	3.6	%

Schedule of Future Operating Lease Payments

Future lease payments under lease agreements as of March 30, 2019 were as follows:



Maturity of Lease Liabilities	Operating Leases⁽¹⁾			Financing Leases			Total
Remainder of 2019	$	26		$	71		$	97
2020	34			99			133
2021	30			77			107
2022	27			55			82
2023	23			51			74
2024	3			35			38
After 2024	4			18			22
Total lease payments	147			406			553
Less amount representing interest	(16		)	(33		)	(49		)
Present value of lease liabilities	$	131		$	373		$	504

(1)

Operating lease payments include $23 million in payments, $19 million net of interest, on an unfunded lease obligation on a distribution facility through 2023.

Schedule of Future Finance Lease Payments

Future lease payments under lease agreements as of March 30, 2019 were as follows:



Maturity of Lease Liabilities	Operating Leases⁽¹⁾			Financing Leases			Total
Remainder of 2019	$	26		$	71		$	97
2020	34			99			133
2021	30			77			107
2022	27			55			82
2023	23			51			74
2024	3			35			38
After 2024	4			18			22
Total lease payments	147			406			553
Less amount representing interest	(16		)	(33		)	(49		)
Present value of lease liabilities	$	131		$	373		$	504

(1)

Operating lease payments include $23 million in payments, $19 million net of interest, on an unfunded lease obligation on a distribution facility through 2023.

Schedule of Future Capital Lease Payments Prior to 842

Future minimum lease payments in effect as of December 29, 2018 under noncancelable lease arrangements, as determined prior to the adoption of Topic 842, were as follows:



Future Minimum Lease Payments⁽¹⁾	Operating Leases⁽²⁾			Financing Leases			Total
2019	$	34		$	95		$	129
2020	34			84			118
2021	30			71			101
2022	27			54			81
2023	23			43			66
After 2023	7			38			45
Total lease payments	155			385			540
Less amount representing interest	(4		)	(33		)	(37		)
Present value of minimum lease payments	$	151		$	352		$	503


(1)	Information in this table has been conformed to the current year presentation under Topic 842.

(2)

Operating lease payments include $24 million in payments, $20 million net of interest, on an unfunded lease obligation on a distribution facility through 2023.

Schedule of Future Operating Lease Payments Prior to 842

Future minimum lease payments in effect as of December 29, 2018 under noncancelable lease arrangements, as determined prior to the adoption of Topic 842, were as follows:



Future Minimum Lease Payments⁽¹⁾	Operating Leases⁽²⁾			Financing Leases			Total
2019	$	34		$	95		$	129
2020	34			84			118
2021	30			71			101
2022	27			54			81
2023	23			43			66
After 2023	7			38			45
Total lease payments	155			385			540
Less amount representing interest	(4		)	(33		)	(37		)
Present value of minimum lease payments	$	151		$	352		$	503


(1)	Information in this table has been conformed to the current year presentation under Topic 842.

(2)

Operating lease payments include $24 million in payments, $20 million net of interest, on an unfunded lease obligation on a distribution facility through 2023.